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Presale of Venezuela’s Oil and Reserve Backed Cryptocurrency has started

The presale of Venezuela’s cryptocurrency, the Petro, has started yesterday. Though more than 100 million tokens are expected to be released, while Currently 82.4 million tokens available for token sale. It is the first ever sovereign token built on ethereum blockchain technology.Petro will be an instrument for Venezuela’s economic stability and financial independence, coupled with an ambitious and global vision for the creation of a freer, more balanced and fairer international financial system.

“During the last 4 years, Venezuela has experienced the biggest financial crisis in its history, a situation that has resulted in a devaluation of its national currency, the Bolivar” as stated on Petro’s official website. Venezuelan president Nicolás Maduro also specified in a statement from December 3rd last year, that the petro “will help to overcome the financial blockade,” perhaps meaning the US sanctions imposed on Venezuela.

According to the government’s website – “the petro’s price will depend on the price of a barrel of Venezuelan oil from the previous day”.

However, the Controversial token, as specified beforehand, has pulled in its offer of adversaries, including individuals from the opposition controlled Congress in Venezuela. In past remarks to the media, one official called it “unlawful” and blamed it a tool for corruption.

In the U.S., some senior officials have communicated worry about the utilization of the petro to dodge financial approvals that have been forced on the nation. Representatives Marco Rubio (R.- Fl) and Bob Menendez (D.- NJ) asked the U.S. Treasury Department in January to screen and confine the token.

 

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