Venezuelan cryptocurrency Petro received a mixed response from the country's population and from foreign investors. While the critics and the opposition think that it's just a way to not get sanctioned or kicked out of the office for Venezuelan President Nicolas Maduro, some foreign investors have really taken interest in the new oil-backed cryptocurrency.
Largest support is promised by Brazil as their businessmen are prepared to invest $300 million with a starting investment of $100 million. Also, according to Venezuela’s Minister of Foreign Trade and International Investment José Vielma Mora other countries such as Canada, Poland, Denmark, Honduras, Norway, and Vietnam, have expressed interest in utilizing Petro coin for international trade. All these countries as of now are willing to receive Petro in payment for food and medicine, which is desperately needed in Venezuela in current situation.
So, President Maduro has already ordered the issuance of first 100 million of Petro tokens for the upcoming pre-sale. It will take place from February 20 (04:00 UTC) to March 19 (04:00 UTC). 38,4 million tokens will be released for the pre-sale, and they can be converted to Petro coins at any moment between the coin launch date and the end of the initial offer.
ICO will be held from March 20 (04:00 UTC), so, a day after the end of the pre-sale. 44 million Petro will be available for purchase at $60 per coin, which is the price of a barrel of crude oil in Venezuela at the end of the second week of January. The price may be changed, according to the white paper.
On 20th February president of Venezuela reported on Twitter about the begin of pre-sale of El Petro.
¡Pendientes! En pocos minutos haremos el lanzamiento al mundo de nuestra criptomoneda Venezolana El Petro que viene a fortalecer nuestra economía pic.twitter.com/uWqZApJdyl
— Nicolás Maduro (@NicolasMaduro) February 20, 2018
According to the head of oil-rich Venezuela, this digital currency is designed to strengthen the economy of the country, suffering from the crisis and US sanctions.