According to Venezuelan officials, the pre-sale of Petro will take place on Tuesday, February 20 and will have an international reach, attracting potential investors from the US, Europe and the Middle East.
More than two months ago, Venezuelan President Nicolas Maduro announced his bold plan to introduce the country's first state-controlled cryptocurrency.
The digital Petro is designed to circumvent US sanctions, as well as combat hyperinflation in the country. According to the latest data, inflation in Venezuela has reached more than 2000%, and the country's citizens are suffering due to shortages of medicine and food. Previously, Maduro accused the administration of US President Trump of making the country the victim of an “economic war.”
Carlos Vargas, who is the head of this cryptocurrency project, spoke about this event: “On Tuesday there will be quite a lot of messages about the start of the process. And there will likely be many investors from Qatar, Turkey and other parts of the Middle East, although Europeans and Americans will also participate."
Crypto consultants for the Venezuelan government suggest that 38.4% of the 100 million Petro will be sold privately at a 60% discount, with the remainder sold to the public after that.
According to bitcoinist
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