Venezuela Issued Petro
Venezuelan President Maduro did not joke in December when he announced that Venezuela would issue its own cryptocurrency in the fight against inflation.
kaleidoscope source
Venezuela has now really released a cryptocurrency named Petro, allegedly guaranteed by oil reserves. They are expected to release 100 million pounds, which is $ 6 billion and initially release 82 million into circulation. The value of 60 dollars for Petro is determined by the average price of a Venezuelan oil bar in January this year.
kaleidoscope source
This is the first cryptocurrency that was issued by a sovereign state. Venezuela wants to raise as much solid currency with petroleum as the Venezuelan foreign debt exceeded $ 150 billion, but the state can no longer serve it. At the same time, they want to curb the inflation that destroys the economy by introducing Petro. The country was also affected by the decline in oil prices, accounting for 96% of all exports.
image source
Officially, Petro will come to life in April. According to the Venezuelan president, they have already collected 735 million dollars in advance. Petro will exist as a token on the ethereum (ERC20), while other official documents refer to NEM. It is not yet clear how this new cryptocurrency will be implemented.
My comment: Let's wait what will happen...
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