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2018.02.2115:10:00UTC+00VENEZUELA: Government Launches Pre-sale Of Petro, Its Crypto-currency

The Venezuelan government officially launched the pre-sale of the petro, a crypto-currency created to work as an alternative source of financing to the country amid economic distress.

The Vice President of Venezuela, Tareck El Aissami, presented the operating mechanism for the acquisition and commercialization of the petro.

Venezuela expects to sell 38.4 million petros during the pre-sale period, which ends on March 19, and another 44.6 million petros in the initial coin offering scheduled for March 20. The government will also retain another 17.6 million petros.

The Venezuelan crypto-currency is expected to be used to acquire goods or services and will be exchangeable for money and other crypto-assets through digital exchange houses.

The Vice President assured that from now on "the Petro stands as a novel initiative" that offers "all the opportunities to place the crypto-currency market within reach of all the Venezuelan people."

President Maduro announced the new currency's creation last month. According to him, the Petro would help Venezuela to overcome a financial blockade from the United States and thus move "towards new forms of international financing for the economic and social development of the country."

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