Venezuela Launched Its Own Cryptocurrency

Venezuela Launched Its Own Cryptocurrency

On February 20, Venezuelan President Nicolas Maduro announced the beginning of the presale of the national cryptocurrency El Petro, which, he said, will strengthen the country's economy.

The initial price of El Petro is equal to the cost of a barrel of oil and at the moment is $ 60 per unit. At the same time, according to Maduro's order, 100 million tokens, provided with Venezuelan oil, will be produced. Under this goal, the president of the country allocated 5 billion barrels of oil from the Ayacucho field in the oil belt of the Orinoco River. At the first stage of sales, from February 20 to March 19, investors will be available 2.4 million tokens.

Recall that Nicholas Maduro announced the launch of the national currency of El Petro, secured by oil, in December 2017. And in January, the Venezuelan parliament recognized El Petro as illegal cryptocurrency and stated that it could not be provided with fuel. However, a day after this, the Maduro government announced plans for the pre-summit El Petro.

In 2017, Maduro announced six times the increase in the minimum wage, and from January 1, 2018, it is 248.5 thousand bolivars (about $ 1.3). At the same time, Venezuela is the most profitable country in the world for mining bitcoins.

Information Source: Nicholas Maduro