Venezuela Will Pre-Mine the Petro and Launch in 6 Weeks

One day after Venezuela’s oil-backed cryptocurrency was declared illegal, the government of President Nicolas Maduro announced plans to pre-mine the Petro. The new currency is expected to launch in six weeks. The Venezuelan Superintendent of Cryptocurrencies and Related Activities, Carlos Vargas, announced on Wednesday, as reported by El Universal:

“The petro will not be minable but pre-mined, that is, the complete emission will be under the control of the country. In addition, it will be assigned with a procedure similar to that of an auction. In a period of a month and a half, the sale of the petro cryptocurrency will take place and people will be able to create their digital wallets”


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