Venezuelan Petro will be the second currency in the world for which it will be possible to buy crude oil
It seems that the government of Venezuela has decided to radically change the tendency when it is possible to buy and to sell oil only for USD. The government is launching the ICO at the State level and a national cryptocurrency
This will help Venezuela to carry out financial transactions and to overcome western sanctions. El Petro, how a new cryptocurrency called, also will promote the development of independent and transparent economy of the country. El Petro is expected to become a platform for the development of cryptocurrency and innovation assets in Venezuela. In any case, the government of the Republic says so.
The situation when the initiator of the ICO is not a private company, but the state — is unique and precedent. If this project is successful, we will find ourselves on the threshold of a new era of the development of the cryptocurrency segment of the world economy, and then may be it will be possible that Fiat money will go away. It is necessary to mention that the capitalization of Venezuelan oil Petro according to the most modest estimates of analysts will be about $1.8 trillion — based on the volume of crude oil allocated by the Venezuelan government to provide crypto-currency Petro (for example, the capitalization of Bitcoin today is $ 200 billion), it is necessary to say that El Petro will attract investors from all over the world.
Maybe El Petro will attract investors from Qatar, Turkey and other countries of the Middle East, including Europeans and Americans.”
In good case this state ICO may open the doors to the cryptocurrency market this year not only for investment proposals from small private cryptocurrency projects, dreaming to get a million,but for the projects from sovereign States, backed by the national economy.
