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Government coins: Petro is born, the venezuelan cryptocurrency

20/2/2018

Venezuelan government has recently announced that “Petro” (the official cryptocurrency) is ready for the ICO (Initial coin offering) phase and this news has been officially confirmed by venezuelan media.

Petro born was announced on early December (2017) officially by Maduro (current Prime Minister) and immediately appeared to be a forced way to escape control by the United States, basically because it is clear that the coin will be able to cover government like a currency shelter. The fact is because Venezuelan raw materials (like oil) to cover the exchange value.

With a total amount of 82 millions of coins, Petro faces the ICO world, with the promise to level up to 100 millions in the next period.

Venezuelan president Nicolás Maduro’s declares:
“We’re been one of the first country to adopt blockchain technologies. We have the best companies in the blockchain market in Venezuela. Petro is born and we can succeed as the Venezuela’s welfare.”

We know that Venezuela is not the only nation aspiring to adopt a “state token” (Estonia’s Estcoin for example), and even if it sounds brave, someone disagree.

Financial analysts said: Venezuela facing serious financial troubles, and they’re looking to escape all that with a crypto and trying to get advantages of it, binding their oil resources and exposing their nation to political and economical hurricanes. No one knows what’s the end of the story. Surely speculation will stop at nothing.

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