Venezuela is putting its money where its mouth is. The country’s proposed cryptocurrency, Petro, now has an official whitepaper for its initial coin offering.
The cryptocurrency which is very explicit going by its name is the first of its kind to be backed by oil.
Petro, a token proposed by the country to take advantage of investor funds and shore up its public finances has gotten the backing of President Nicholas Maduro.
As a matter of fact, Maduro himself signed the whitepaper for the ICO pre-sale, an event that is supposed to kickstart in February.
At the signing of the whitepaper, Maduro said:
“We have reached the future. Venezuela advances as an economic power,” the president remarked, specifying that the petro pre-sale will be “through ERC20 tokens.”
“Venezuela is at the forefront of the world, and we are going to accelerate permanently the start-up of the cryptocurrency, the petro,” he said.
Hinting that Petro must have been developed by local and international developers, he said:
“We have received very auspicious comments from experts in cryptocurrencies around the world.”
However, there seems to oppositions to the President’s move. Venezuela’s parliament has opposed the project claiming that it is illegal for the token to be backed by oil.
The pre-sale events will go underway on the 20th of next month. It will be a litmus test as a first sovereign entity launching its own token.