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Venezuela was the first in the world to launch a state-owned crypto currency. It was called “Petro”

Venezuela became the first country in the world, whose government launched its own crypto currency. It was called Petro (“Petro”, “PTR”) and it is designed to bypass US sanctions.

dollars or 1 barrel of Venezuelan oil is worth a unit of petro on pre-sale.

On February 20, pre-sale of petro tokens began in Venezuela. At the time of writing, 38.4 million virtual coins are available for pre-purchase. Another 44 million petro will be released on March 20.

President Nicolas Maduro said that they plan to sell about 100 million crypto currency tokens. He estimated the total cost of all petro more than 6 billion dollars. The Crypto currency is designed to bypass American sanctions and “save the national economy.”

According to the Venezuelan media, first residents of the country will be allowed to buy petro only for “persistent currencies” and other crypto-currencies, but then they will be sold for local money. Unlike other crypto-currencies, petro is tied to the resources of Venezuela and controlled by the government.

The Venezuelan parliament, controlled by the opposition, said that the creation of state crypto currency is illegal. According to members of the congress, Petro will depreciate “when or if Maduro leaves his place.” Deputy Jorge Milan noted that the crypto currency is a way of reselling Venezuelan oil and is “specifically designed for corruption.”

President Nicholas Maduro announced the state’s Crypto currency in December 2017. After that, the US authorities warned potential investors that it is worth avoiding investments in petro.

The official national currency of Venezuela, Bolivar, is in free fall. The country has been hyperinflation for several years already: money is depreciating at such a rate

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