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.