Petro – New Digital Cryptocurrency from Venezuela: Price, How To Buy and More

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As Venezuela promised earlier, it’s launching its own version of bitcoin that it hopes to boost the country’s economy.

Keep on reading to know more.

What is the petro?

Venezuela announced Tuesday the launch of a new oil-backed digital currency that is called Petro. In such way the government hopes to pull the country out of a deepening economic crisis.

“Petro is born, and we are going to have a total success for the welfare of Venezuela,” President Nicolas Maduro said on Tuesday.

Petro is really special because for the first time a country has launched a virtual currency that is also backed by oil, gas, gold and diamonds from the country’s reserves.

Moreover, Petros will be “pre-mined”, meaning the government would produce and control it.

Venezuela has allocated five billion barrels of oil to back its new digital currency, which will be tied to the cost of a barrel of Venezuelan oil.

Venezuela-petro-photo

Source: Reuters

How to buy Petro?

Each petro will be backed by a barrel of oil and will be sold at the same price, according to the government.  And current prices is $62 per barrel.

As it was reported, the petro will be sold in hard currency and other cryptocurrencies, not in the local bolivar currency.

“The presale and initial offer will be made in hard currencies and in cryptocurrencies,” Carlos Vargas, the government cryptocurrency superintendent, told state television in late January.

“It is not going to be done in bolivars at this stage,” he added.

“Our responsibility is to put [the petro] in the best hands and then a secondary market will appear.”

Vargas also said that after the initial sale, the petro could be sold in exchange for the bolivar.

It is planned release 100 million digital tokens.

What can you buy with it?

You know that it’s not so easy to purchase with bitcoins however Vargas said that each petro could be exchanged through the virtual exchange houses, “but in addition to that, there will be many merchants providing goods and services where you can go with your Petro or any cryptocurrency to exchange it for a service”.

He added: “In a short future Venezuelans can buy in the bakery with the Petro.”

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Venezuela’s New Digital Cryptocurrency Petro - The Price and How To Buy Guide
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Venezuela’s New Digital Cryptocurrency Petro - The Price and How To Buy Guide
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As Venezuela promised earlier, it’s launching its own version of bitcoin that it hopes to boost the country’s economy.
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