The crypto-backed national currency is to come into circulation from August 20th in Venezuela. The sovereign bolivar is to be anchored to the Petro. The president Nicolas Maduro stated, “The economic reconversion will start on August 20 definitely with the circulation and issuance of the new Sovereign Bolivar.” He also expressed confidence in Petro.
The Venezuelan President, Nicolas Maduro addressed during a meeting of Bolivarian Alliance for the Peoples of Our America- Treaty of Commerce of the Peoples. He had asked for eleven other countries to accept the Petro, oil-backed cryptocurrency. He coined the Petro proposal as the ‘project of integration of the 21st century”.
Just after the oil-backed cryptocurrency was declared ‘illegal’, Nicolas Maduro announced about Petro’s pre-mine plan. The cryptocurrency is likely to be launched in six weeks. The Superintendent of Cryptocurrencies and Related Activities stated that ‘petro will not be minable but pre-mined which will happen under the control of the country’.
After the President Nicolas Maduro exposed the plan to launch its own Petro to be recognized as payment at the state level, the creators of ATB coin suggested bringing out their coin to be used at state level. It had been said that ATB Coin exhibits many advantages such as ‘high speed transactions, security, offline codes for payment under guaranteed check principle’ and such others.
Unsure of whether the investors would love to purchase Petro in present economic crisis, President Nicolas Maduro revealed that 100 million units of new oil-backed cryptocurrency would be issued. On addressing the media he said, “I have ordered the emission of 100 million petros” and that “every petro will be equal in value to Venezuela’s oil barrel”.
The Superintendence of Cryptocurrencies and Related Activities, the Blockchain observatory, had launched a portal for miners to register who desire to deal with Petro, a new national cryptocurrency in Venezuela. The portal is said to be open until 21st of January targeting miners with national identification to register for mining Petro. The price of Petro will be bases on the price of barrel of crude currently at $57 on an average.