El Petro Venezuelan cryptocurrency
March 12, 2018 - The petro is a cryptocurrency created by the Bolivarian Republic of Venezuela, announced its creation on December 13, 2017 by its Constitutional President Nicolas Maduro Moros.
A cryptocurrency is a digital means of exchanging goods and services through transactions proven in a value based on physical assets that can be contracts, intellectual property, stocks or any property of something with value, in the case of petro value represents it oil reserves located in field 1 of the Ayacucho Block of the Orinoco Oil Belt, with 5,342 million barrels.
Start the protocol of creation of said cryptocurrency with the production of the white book of the petro, that is, the technical specifications to inform the methodology to be implemented based on facts and tests, explain its technological supports, calculation formulas for prices and dates of operations.
Continuing with the private pre-sale of the petro on February 20, 2018, with a limited issuance of 100 million, without extra emissions, in the same the amount of 38.4 million petros was offered, this offer will be extended until 19 March. On March 20 the public offer of 44 million starts and the State will reserve 17.6 million remaining petros, which will be retained by the Superintendence of Cryptocurrencies and Related Venezuelan Activities (Supcacven). The president of Venezuela presumed that the pre-sale of the national cryptocurrency reached 735 million dollars from its activation until 20:00 local time on February 20.
The value of a petro will be calculated at the value of one barrel of oil. Initially a petroleum is calculated at 60 dollars, and will vary according to the value of the oil barrel according to the Venezuelan oil basket, however the economist Luis Enrique Gavazut affirmed for the teleSUR chain that the Venezuelan cryptocurrency Petro will gain in a short time capitalization, it is say, it will acquire its market value, as other digital currencies like Bitcoin or ethereum have done.
The petro was created to face the financial blockade, encourage foreign investment and create a new system for the payment of goods and services. The financial blockade includes, among others, the sanctions imposed by the Donald Trump government that contains the prohibition to carry out transactions with debt securities and shares issued by the South American government and its state oil company (PDVSA), that is, it prohibits the transfer of new debt.
The petro is the financial measure of the Venezuelan government to comply with its international commitments and not fall into default, which wants to fall Trump and his government, to exacerbate the crisis of the South American country given by the fall in oil prices , the shortage and speculation unleashed by right-wing business, the devaluation of its currency, the bolivar and, in spite of everything, the need of the State to maintain its social policy. However, its detractors affirm that the possible use of "the petro" as a mechanism to pay the debts that the government has not been able to settle with the bondholders, assured that in order to be able to make a payment different from the agreed one - dollar cancellation - it is It is necessary to modify the terms and conditions established in the contract. Others claim that it represents an external indebtedness in the future. And finally they affirm that the free convertibility of the currency to other currencies is not reliable. Speculations in general.
It is the first virtual currency in the world with physical support. Such a guarantee is no small thing. Many point out the volatility and ease for speculation around the rest of the cryptocurrencies: it is said that there are about 600 although in the market "they sound" only a dozen. But, having a tangible material as the natural resources of the country, the value of Petro will not be prone to speculation and will have a regulatory body. Another factor of analysis highlighted by economist Luis Enrique Gavazut for Telesur, is how the value of Petro can not be depreciated or devalued as it happens with the bolivar with biased markers with illicit exchange rates.
Gavazut believes that only the fact that Petro is used by the Venezuelan market, some 20 million consumers, places Petro above the total world market for cryptocurrencies, not counting as it can be used in the international market.
The State will accept the payment of taxes, obligations, taxes, contributions and national public services with this cryptocurrency.
"The Petro, being a currency of national circulation with a stable floor value given by the barrel of oil and also quoted through an international, decentralized blockchain that does not respond to particular interests, becomes a currency whose value can not be affected by Pages like Today's Dollar or tendentious markers. "
The algorithm of the petro is the blockchaain