Perhaps it’s time to make Venezuela great again, as Tuesday has seen the release of the petro cryptocurrency. Over the past few years Venezuela has suffer a complete collapse in the form of a financial crisis. Food shortages and protests soon followed. The petro is supposed to be the tool that rescues the government and puts the country back on its feet again.
Along with Tuesday’s release of the new cryptocurrency, a step by step online manual was also released which details how an investor can make purchases of the petro. After a user registers online, they will be given an online wallet to store the cryptocurrency in. The currency went up for pre-sale on January 21, although the official launch came on the 20th of February.
It has been announced by Nicolas Maduro, the president of Venezuela that 100 million petros would be put on sale. All together those 100 million petros have a combined worth of $6 billion. The price of the cryptocurrency will completely based on the price of a barrel of crude oil. Marduro has assigned 5 billion barrels of oil to petro with the hopes that it will maintain the value of the cryptocurrency.
Amidst this new release, The United States, the country that put sanctions on Nicolas Maduro’s Venezuela isn’t at all pleased. In fact, the United States Treasury Department has issued out a warning to its citizens and to American companies that make purchases of the cryptocurrency will be violating sanctions.
Now that the petro is open to the masses, many are wondering where this will take the Venezuelan government. Will it propel them out of their crisis or sink them even further? We’ll see in the months to come. Next month Venezuela is expected to open their first exchange which will allow the coin to be more easily reached by investors.