Venezuela sets a minimum investment of 1,000 euros to buy Petro

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The minimum investment to buy the petroleum -the cryptocurrency launched by the Venezuelan government in the face of liquidity problems and US sanctions- was set at 1,000 euros, according to the virtual currency website.

"Keep in mind that the minimum investment is 1,000 euros for bank transfers," the system warns those who register to acquire the petro in a public sale started last week.

The funds must be transferred to state accounts in euros and rubles, whose numbers details the message.

President Nicolás Maduro and senior officials expect the petro to become a means of payment for goods and services for Venezuelans, but the base amount of 1,000 euros (1,240 dollars) is unattainable for the majority. (for me is impossible to have petro)

Some 13 million workers earn the minimum wage or receive a food bonus that complements it, on an economically active population of 19.5 million, according to the government.

That income totals 1,307,646 bolivars, equivalent to 4.5 euros on the black market and 21.3 at the official rate, after an increase of 64% at the beginning of March.

The bolivar devalued 93.2% since February 1 amid hyperinflation - estimated at 13,000% by the IMF for 2018 - and the shortage of food and other commodities.

It would require 18 years of minimum income at the black market rate to access the petro, whose public sale has been marked by the lack of information.

Last week, the United States prohibited its companies and citizens from negotiating that cryptocurrency, arguing that Maduro's government uses it to avoid financial sanctions against Venezuela and its oil company PDVSA.

The petro, backed by crude reserves, is not yet available in virtual exchange houses and one of these, Bitfinex, reported on Tuesday that it will not bid for its "limited usability" and the North American veto.

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It already has price

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With 1,000 euros you can buy about 20 petros, since each one is worth 49.4 euros (61.2 dollars), according to the quotation reported on Tuesday by the Ministry of Petroleum.

The public sale was launched by Maduro after announcing "offers of purchase intention" for 5,000 million dollars in a private pre-sale for a month. It has not been reported how many units were negotiated in that first stage nor the price.

The total emission is 100 million units. According to the road map, the State would reserve 17.6 million and offer the rest between private pre-sale (38.4 million) and public sale (44 million).

Venezuela and PDVSA are looking for urgent means of financing and the petro is one of them so i would not recommend to invest on it!!