A day after the parliament declared Venezuela's "oil-backed" crypto currency illegal, the country's government, led by President Nicolas Maduro, announced plans for a "petro" premine. It is expected that the new crypto currency will be released in six weeks. This is reported by Bitcoin. com.
The petro will not be minable but [will be] pre-mined, that is, the complete emission will be under the control of the country. In addition, it will be assigned with a procedure similar to that of an auction. In a period of a month and a half, the sale of the petro cryptocurrency will take place” and people will be able to create their digital wallets.
The Venezuelan Superintendent of Cryptocurrencies and Related Activities
What exactly is the crypto-currency platform is meant, Vargas did not specify. However, the most famous platform that is often used to create such tokens is the Ethereum blockсchain system with its ERC20 standard, which just means a pre-main.
As one of the Reddit users noted, the image of the Ethereum token can be found on the website of the Venezuelan Ministry of Communications; In the title of this file there is the word "petro".
Mining crypto currency is considered illegal in Venezuela. Earlier, Venezuelan miners had already been arrested for stealing electricity. However, according to Vargas, mining brings a big profit, which, accordingly, is a financial injection: "People will be able to engage in mining without fear of persecution. All these miners are invited to a meeting devoted to topical issues.
The parliament's decision to recognize the new crypto currency illegal Vargas called disregard for its own country, explaining this by saying that "petro" gives Venezuelans an instant opportunity to protect themselves from inflation.