Venezuela to Launch an Oil Backed Cryptocurrency and "Pre-sale" Announced...

moemanmoesly (67)in #petro • 8 years ago (edited)

Venezuela first announced that they would be creating a cryptocurrency named the Petro back in December, the Petro is an ERC20 token and will have a 100 million supply to start with with the max supply being unknown at this point, the Petro will supposedly be backed by 5 billion barrels of oil which has a value of around $350 billion.
On 30th January 2018 the Venezuelan president Nicholás Maduro announced and signed the official whitepaper and announced that a pre-sale will begin on 20th February he went on to say:

"We have reached the future. Venezuela advances as an economic power, Venezuela is at the forefront of the world, and we are going to accelerate permanently the start-up of the cryptocurrency, the petro."

_{|Source| The Venezuelan President Nicholás Maduro}

This sets a big precedent in cryptocurrency but to be honest the fact that the Federal Reserve has not intervened is a surprise to me, i had a suspicion that Robert Mugabe was going to do something similar but he was swiftly disposed of by the Jesuits.

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P.S. If you are interested in buying or selling Steem why not check out Binance.

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8 years ago in #petro by moemanmoesly (67)

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manfredkurtauer (56) 8 years ago

This is phase 2 of the development of the crypto currencies and it will be successful as it is according to the natural laws of money. Fortunately the Federal Reserve is to weak to intervene. Therefore a lot more countries will follow and abolish the robber barons monetary system of central banks.

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moemanmoesly (67) 8 years ago

I have been romanced by these kinds of ideas and still hope they do as designed, but i feel like once there is a mass adoption of crypto it won't take much to put it back in to the hands of the few putting us back on square one.

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