The President of Venezuela, Nicolas Maduro has today, officially announced the launch of its much anticipated native token to be used legally within the country, that is, the Petro Cryptocurrency.
Alongside its launch, he also released the Spanish version of the white paper for the Project which contains informations like, sales of the Petro Cryptocurrency will commence on the 5th day of November.
“Only then, will the Venezuelan residents be able to exchange the present fiat currency the Bolivar Soberano for Petro”
The President said in a light voice.
The whitepaper also contain informations like the Petro digital currency receiving supports from gold, diamond, iron and aluminum crypto-assets. Illustrating this much further, the digital currency is 50 percent backed by oil, 20 percent by gold, 20 percent by iron and 10 percent by diamond assets.
Following the launch of an authorized website for the Petro project and as well the launch of the country’s native token wallet, I think this country is willing to show the space what they have got. The President however, confesses that he needs to use this this strategic measure to steady the country’s economy.