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WHAT WE'VE LEARNED ABOUT VENEZUELA'S PETRO TOKEN

Aruba, February 21, 2018 - The government of Venezuela published several guides Tuesday in support of the presale for its "petro" cryptocurrency.

Announcing the oil-backed token as a form of legal tender that can be used to pay taxes, fees and other public needs, the Venezuelan government outlined its plans and expectations for the petro in a new website built for the cryptocurrency and launched today with the start of the token's pre-sale. The website is hosted by the country's Ministerio del Poder Popular para Educacion Universitaria Ciencia, Tecnologia (MPPEUCT).
 
The petro's price will depend on the price of a barrel of Venezuelan oil from the previous day, according to the government's website.
 
The presale, which was announced last month, launched Tuesday morning, as CoinDesk previously reported. Though more than 100 million petros are expected to be released ultimately, initially, only 82.4 million will be disbursed.
 
It's the first digital currency to be issued by a federal government - yet the initiative itself has long attracted criticism, including from lawmakers both inside and outside of the country. It was first unveiled by Venezuelan President Nicolas Maduro in early December.
 
The buyer's manual explains how users can set up digital wallets and purchase the token, and includes a warning to users about wallet security. For full details on how the token works, the government released the full white paper (a notable release given that the government, just over a month ago, was blasting the release of what it said were fake details).
 
Though the third embedded document is titled "Guidelines for the internal control manual for the prevention of money laundering and financing of terrorism," the full file is only a table of contents and does not include the guidelines that the Venezuelan government plans to follow.
 
 

By orbitalnets.com