Venezuela Will Pre-Mine the Petro to 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.

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Petro Mining Restricted to Government

The Venezuelan Superintendent of Cryptocurrencies and Related Activities, Carlos Vargas, announced during a Venezolana de Televisión broadcast on Wednesday, as reported by El Universal:

The petro will not be minable but [will be] 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.

Venezuela Will Pre-Mine the Petro to Launch in 6 Weeks
Carlos Vargas.

“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, the superintendent added.

He further explained, “We will have a cryptocurrency whose verification and use in all exchange houses…will be supported under a widely known platform, which will allow the petro to be marketed anywhere in the world without major restrictions.”

Venezuela Will Pre-Mine the Petro to Launch in 6 Weeks
Image name “petro” on the Venezuelan government website.

Vargas did not name any existing token platforms. However, the most widely known platform often used to create tokens marketed worldwide is the Ethereum ERC20 protocol, which requires the coins be pre-mined.

On the Venezuelan Ministry of Communications website, there Read More Here