Venezuelan government officially launched presale 82,4 million Petro tokens

The Venezuelan government officially launched the preset for its crypto currency Petro (PTR). As it was previously said, the coin is an ERC-20, based on the Ethereum base, and is tied to significant oil reserves in the country. The coin, expected value of about 60 dollars, will be divided into 100 million parts, with the smallest of them being "mene".

According to the Latin American news resource Telesur, a total of 82,4 million Petro of 100 million, which President Nicolos Maduro has ordered, will be available initially. The Token, announced late last year as a way of circumventing US sanctions, should be adopted as a payment method by the Venezuelan government and can be bought using currency currencies and other crypto-currencies.

In the announcement Maduro said:

"Petro was born, and we will have a common success for the well-being of Venezuela. The largest and most important companies and blockboys in the world are in Venezuela, we are going to sign agreements. "

The preliminary sale of the token was opened by Tarek El Aissami, vice-president of Venezuela. Petro can be obtained for other crypto-currencies and Fiat. Venezuela plans to conduct international business, primarily related to oil, in order to further strengthen its adoption. The Crypto currency, however, caused a controversial opinion.

Controversy surrounding Petro

In Venezuela, the opposition congress announced the sale of crypto currency as an "illegal and unconstitutional" instrument. This is seen as an "attempt to illegally lay" the oil reserves of Venezuela.

In the US, various senators consider Petro a way to circumvent the country's sanctions. At that time, the senators wrote that "It is extremely important that the US Treasury Department be equipped with enforcement tools and mechanisms to combat the use of crypto-currency to evade US sanctions in general and in this case in particular."

Venezuela is facing one of the deepest recessions that ever existed. At present, citizens of the country use crypto-currencies to survive the failures of the government, and also send funds to support those in need in the country. Recently, there is a photo on the network showing children from Venezuela who are fed thanks to Bitcoin Cash (BCH). Some believe that selling tokens is a way for the government to increase money supply, and also to assign coins.

Author: Olga Novikova, Analyst Freedman Club Crypto News

Image from Fotolia

Source: Read Full Article