The Venezuelan cryptocurrency called El Petro (PTR) is a pilot economic project. The crypto-coin was created to stabilize the Venezuelan economy and is supported by the local authorities of this country. Officially considered raw materials cryptocurrency, due to the reinforcement of oil reserves.
The official name of the cryptocurrency: El Petro. Marker (trade ticker) coins: PTR. The main feature of the work of cryptocurrency is considered its promotion by the Venezuelan government. President Nicholas Maduru officially announced the launch of the coin in 2017, and called it "the country's national cryptocurrency". The safety of using Petro is guaranteed and maintained by the authorities of Venezuela.
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It is worth mentioning that in order to support the functioning of Petro, a special Venezuelan "General Directorate of Cryptocurrency" was created. It deals with security issues, the development of a blockchain, and the maintenance of a crypto-coin. Cryptocurrency is closely tied to oil, so the price of a single token Petro is equal to one barrel of oil in Venezuela. As it was stated by the developers of the crypto-coin: in the future, altcoin will also be tied to natural gas (or other minerals that exist in Venezuela).
Now, buying and selling Petro's cryptocurrency on online exchanges is not yet common. Crypto-coin emission is limited to a maximum of 48,000,000 PTR.
Petro’s 100 million tokens (coins) are provided with 5.3 billion barrels of Venezuelan oil. At the same time, the Venezuelan authorities claim that soon the price of 1 Petro will be completely equal to the price of one barrel of oil. The distribution of tokens was realized in two stages – in the framework of the trading “pre-sale” and the main sale (distribution to the public and via online cryptocurrency exchanges).
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Total planned: 100 million coins of Petro. Of this amount – 82.4 million coins should be sold directly through the sale. And 17.6% of the crypto-coins will remain with the developers.
Investments in Petro will be distributed according to the following scheme:
- 16% will go to support technological development.
- 55% plan to transfer to the sovereign fund.
- 15% will go to the development and maintenance of the "working capacity" of the ecosystem.
- 15% remain with the developers of Petro cryptocurrency.
Today, Petro is not considered to be a very common cryptocurrency. Trading in the coin began only in October 2018. In this case, you can buy it exclusively on the official website. Data on the level of total capitalization, as well as on the daily sales turnover – not available.
Editor: Pereyidenko Ihor