Venezuelan cryptocurrency Petro finds foreign investors, ICO will take place in March

Venezuelan Minister of Foreign Trade and International Investment, José Vielma Mora, announced on Thursday, February 8, that foreign investors accepted payments for their goods in oil, the Latin American government channel TeleSur reported.

Oil, a state cryptocurrency backed by oil that is published in a window and an initial offer of currencies (ICO), was announced for the first time by Venezuelan President Nicolás Maduro in December 2017. The petro whitepaper published on 30 January, explains that the idea of ​​oil came from Hugo Chavez, who had planned a "strong currency backed by raw materials."

Mora said that Brazilian entrepreneurs are willing to invest $ 300 million in Venezuela, starting with an investment of $ 100 million.

The minister also included a Poland, Denmark, Honduras, Norway and Vietnam as foreign countries that were willing to receive oil and a change of food and medicine, citing a total of $ 435 million. According to Mora, Canada has also expressed interest in investing in Venezuela in the field of "pharmaceutical for humans and animals."

The petro is an ERC20 token that has been pre-mined in the Ethereum Blockchain, with each petro backed by a barrel of oil. Maduro had ordered the emission of 100 million barrels of oil on January 14 in preparation for prevention.

The creation of oil has been viewed with skepticism by critics and members of the opposition Venezuelan parliament that considers oil as a fraudulent currency that could help Maduro avoid sanctions.

The pre-sale of oil will take place from February 20 at -04: 00 UTC until March 19 at -04: 00 UTC, and there will be 38.4 million tokens available. The pre-sale tokens "can be exchanged for oil [coins] at any time between the launch date and the closing of the initial offer," according to the whitepaper.

The ICO will have a day after the end of prevention, March 20 at -04: 00 GMT, with 44 million oil available for sale at a point of sale of $ 60 - the price of a barrel of oil Venezuela in the second week of January 2018. The price is subject to market fluctuations, according to the official report.

The whitepaper writes that the Venezuelan government accepts the payment of taxes, fees and national public services, and that it is regulated by the Superintendence of Cryptocurrencies and the National Observatory of the Block Chain.