The President of Venezuela Nicolas Maduro has announced during the meeting of the council of ministers on Tuesday that the pre-sale of the national oil-backed cryptocurrency, the Petro, will begin on February 20. The president has also presented and signed the official Petro’s whitepaper and unveiled the Petro Container for mining the new currency.
The meeting of the council of ministers on Tuesday
We have reached the future. Venezuela advances as an economic power. Venezuela is at the forefront of the world, and we are going to accelerate permanently the start-up of the cryptocurrency, the petro.
The President of Venezuela
The president added that the petro pre-sale will be “through ERC20 tokens.”
The whitepaper details “the functions, vision, and conditions” of the petro, Maduro said. However, despite many Venezuelans asking on social media for access to it, the whitepaper has not been released to the public yet.
During the meeting, Maduro also announced his intention to accelerate the entry into the operation of el petro cryptocurrency and mining farms through the Petro Container, which he unveiled at that time, adding that all the savings banks in the country can have their mining farms and participate in el petro.
Maduro first announced the creation of the petro in early December. Then he assigned over 5 billion barrels of crude oil to back the new currency and announced the issue of 100 million units. However, the Venezuelan National Assembly soon declared the petro illegal and cannot be backed by oil.