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State of Petro: How Is The Venezuelan Cryptocurrency Doing?

About a month ago, Venezuela announced that they would create a nation and government-backed cryptocurrency called the Petro. The virtual currency is set to be based on the price of the oil barrel and was first introduced by President Nicolas Maduro, right when cryptocurrencies are becoming very popular across the globe. The pre-sale of the token happened on February 20th, 2018 and it has been a huge success, according to the Venezuelan government.

The Venezuelan president has stated that the currency has already received more than 150,000 orders. These numbers only represent the pre-sale and therefore the nation expects much more orders and interest from investors and companies.

The government has also distributed and made available some Petro-related resources to the public, such as a “buyer’s manual” and guidelines to follow. These guidelines include staying away from illegal activities with the token, like money-laundering, purchasing of drugs or terrorism funding.

In the beginning, there will be approximately 82 million tokens available to the public. The currency can be bought by Venezuelan citizens but foreigners can also invest. So far, the government has received orders in multiple currencies, including US dollar, euros and also cryptocurrencies in bitcoin and ethereum. Furthermore, according to the information that was shared by the Venezuelan government, a lot of companies have shown interest in the digital currency and a large part has even already invested. This shows great promise and is exactly what President Maduro was hoping for. It has been reported that the pre-sale has brought in around $735 million on the first day. There was no evidence shown to back up this claim by the government, but these remain impressive numbers.

As the pre-sale continues in March, one can wonder how will the Petro be released once the ICO is completed? Moreover, will other nations follow Venezuela and release their own tokens in the near future?

TLDR: Venezuela has launched the pre-sale of their own cryptocurrency, the Petro. So far, it has been a successful launch and it raised $735 million on the first day only.

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Zachary Gian is a cryptocurrency news writer and editor from Paris, France. He has always been passionate about technology and innovation since a young age, and loves to share his passion with others. He firmly believes in the blockchain and in digital currencies and is enthusiastic about their development.

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