Venezuela President Announces Official Launch of Crypto, Petro

Venezuela’s President Nicolas Maduro recently announced the official launch of the Petro cryptocurrency.

It has been announced that the Public Sale of the Crypto will start on November 5, 2018, which is eight months after its presale in February this year.

President Maduro claimed that the Petro is a sign to strengthen the country’s economic revival. It could cause a paradigm shift in global tokenomics. The coin will usher in novel forms of monetary exchange, trade, and finance.

Reports state that each ‘Petro coin’ is backed by one barrel of Venezuela’s estimated five billion barrels of crude oil reserves. But, Alex Tapscott of the Blockchain Research Institute states that there is no proof and very little technical information regarding the coin.

The government has also announced that one would have to pay for travel using their Petro coins. Travel passports now cost 2 Petro coins(115$ or 7200 bolívars). This makes it harder for the people to leave its country’ economic hardships.

Read the full news article here on Bitcoin.com.


 

 


About Bank Of Hodlers

Bank of Hodlers is building a customer-centric bank on the blockchain, by providing financial services like cryptocurrency-backed loans and cryptocurrency-backed cards.

We have recently launched our asset-backed lending product where you can earn interest on your BTC, ETH, TUSD and DAI. You also have the option to borrow DAI against Ethereum. You can sign up to the platform by clicking here: app.bankofhodlers.com/register.

 

crypto blog

Want to share your thoughts on this?

Up ↑

%d bloggers like this: