Venezuela surrenders to the Blockchain

Petro ICO has started!

It's official, you can now buy the pre-sale of Petro on https://regpetro.mppeuct.gob.ve/

This is great news for the cryptocurrency market since it is the first sign of a country to adopt the trust-less and decentralized technology of the blockchain.

What does this mean to crypto investors?

Well, it means further validation that blockchain is the future.

Venezuela promises to back it's crypto currency with its oil reserves and that all official use such as tax payment, salaries, etc will be used in Petro.

The pre-sale is done off chain and after the ICO will happen in the NEM platform.

The price calculated is around 60 USD with the first investors getting 30% discount rate.

This makes the market cap of Petro around 5-6 Billion USD, being the 10th place in terms of market cap with this evaluation.

While the question if this is a good investment or not is hard to tell, it does mean good publicity about the blockchain and cryptocurrencies.