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The Petro (PTR) digital currency proclaimed legal tender in Venezuela

Nicolas Maduro and his council of ministers announced that the Petro (PTR) would be available as a commercial exchange currency on major exchanges, starting October 1. As part of this announcement, the president confirmed that the Petro would be used for salaries, goods, and services. He confirmed that the Petro was part of the “seventh line” of Venezuela’s economic recovery program. He did not, however, provide technical details on how the cryptocurrency would work as a means of commercial exchange.

“On October 1, Petro will enter into force as the currency of exchange…”

wrote the Venezuelan president later, through his Twitter account.

Essential information for citizens and backers is missing  

Despite the heavy press and multiple announcements made by Maduro and his government, no tactical information has been made available for its immediate use. Citizens are unsure about how they can leverage or avail of the digital currency. Additionally, wallets created during the Initial Coin Offering (ICO) have not received the funds.

Even as the Venezuelan government has fixed minimum wages and the prices of basic necessities to the Petro, an official scheme for the use and exchange of the currency is yet to be published.

There are no technical details of the cryptocurrency, although the public version of the white paper states that it has been created on the NEM blockchain. The supposed cryptocurrency will have a maximum yield of 100MM tokens, backed by more than 5.3BN barrels of oil not yet extracted from underground deposits. These oil deposits are located in the Ayacucho Block of the Orinoco Belt, part of Venezuela’s large oil reserves.

As it stands, the pre-sale began at midnight on February 20 and over 3BN dollars have since been collected.