Prepping for Petro Pre-Sale

Venezuela Found Foreign Investors for Petro Cryptocurrency Pre-Sale Starting This Month

Venezuela says it’s found a range of overseas investors to the pre-sale of its own “oil-backed” federal cryptocurrency, the petro. Beginning this month, Venezuela is expected to cover companies from Brazil, Poland, Dinamarca, Honduras, Norway, Vietnam, and other countries for food and medicine imports using the petro.

Venezuela is preparing to receive the sale of its “oil-backed” cryptocurrency, the petro. A total of 100 million coins will be issued in complete, 82.4 million of that is offered to the marketplace in two phases: a personal pre-sale and also an initial coin offering (ICO).

The pre-sale begins on February 20 at 8:30’m Venezuela period (-04:00 UTC), at which 38.4 million petro ERC-20 tokens will be put available. The petro whitepaper describes:

During the process, degressive discounts will be applied to stimulate early investment.

Pre-sale tokens “won’t be a part of their Petro network until it’s redeemed or ‘burnt’ through the first deal procedure,” which begins on March 20. They “could be exchanged for petro [coins] at any given time between the launch date and the final of the primary deal,” the whitepaper clarifies. The petro will be divisible by 100,000,000 units. For your ICO, 44 million coins will be accessible.

The Superintendency of all Cryptocurrencies, led by Carlos Vargas, and also the Blockchain Observatory will oversee the Purpose of the petro.

Venezuela Found Some Early Investors

The Minister of Foreign Trade, José Vielma Mora, Declared on Tuesday that Venezuela will Cover imports to Brazil with the petro cryptocurrency. The Venezuelan Ministry of Popular Power for Communication and Information declared:

A group of Brazilian companies have agreed to receive payment for the sale of food to Venezuela, through petro, starting on February 20, when the pre-sale of the cryptocurrency [begins].

Telesur TV quoted Mora explaining a “set of Brazilian business people who desired to spend US$300 million in Venezuela,” beginning with $100 million. The Union noted, “Poland, Dinamarca, Honduras, Norway, Vietnam amongst others also expressed interest in exporting products to Venezuela like drugs and food to get a entire sum of $435 million, even whereas getting repayment in Venezuela’s new cryptocurrency.”

Besides other Asian countries, Mora added that a Canadian commerce room also intends to trade with Venezuela and accepting the petro in exchange for “pharmaceuticals for humans and animals,” the information outlet hauled.

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