Crypto currency El Petro – the real basis of the future economy

Venezuela is currently experiencing an economic crisis. President Nicolas Maduro recently announced the creation of the world's first national crypto currency, which will be called "El Petro".

According to the authorities, this step is intended to combat what Maduro himself classifies as "The financial blockade against the nation launched by the initiative of the United States of America". As the President of Venezuela states, the crypto currency will be supported by the country's natural resources. The digital currency, according to the head of state, will help the country to move to new forms of international financing, as well as economic and social development.

Petro will serve as a platform for the growth of a more equitable financial system that will promote development, autonomy and trade among emerging economies. This is what the Venezuelan authorities have been talking about over the past few months. Politicians promise tax breaks for those who will use this crypto currency. It should be added that part of the bidding between Brazil and Venezuela will take place using the El Potro crypto currency.

El Petro White Paper

The national digital currency will have several uses:

  • Means of exchange. Can be used to purchase goods or services, as well as payment of taxes, fees and government services.
  • Digital platform. The implementation of the function of providing goods or materials in electronic form, as well as the creation of other digital tools targeting national and international trade.
  • Savings and investment tools. Its stable value will facilitate the use of the value as a reserve and the inflow of financial investments.

Total will be released 100 000 000 coins. Pre-sale started on 20 February this year, it will consist of the creation and sale of an intellectual asset (Smart Asset) on Blockchain NEM. Crypto currency will meet all the requirements of the mentioned system. During the ICO, 82 400 000 Petro coins will be available for purchase. 44% of them will be available for the initial offer, 38,4% are for private sale, 17,6% will be stored in a special state structure. For the first day of pre-sale, 735 000 000 US dollars was collected. The price of one coin is 60 US dollars. However, on the first day, sales were made at a reduced rate to attract investors.

The purchase and sale of the national crypto currency El Petro will be carried out from person to person, from portfolio to portfolio. This digital currency will not be provided to third parties unless they are under the control of a centralized organization, such as a virtual exchange house. The very process of buying will take place only through official channels on El Petro's website. To buy, you need to install a coin purse, it can also be downloaded from the official site El Petro.

There you need to go through a simple procedure, answer a few questions and fill out a questionnaire. Then click on the link that will come to your email address and start buying coins using Bitcoin, Ethereum, US Dollar, Euro, or Yuan.

Author: Andrey, analyst Freedman Club Crypto News

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