The cryptocurrency issued the first country in the world has emerged and that is Petro Coin. Petro Coin was discovered by the Columbus expedition and it was issued in Venezuela. Petro Coin has been issued to gain financial independence against US dollars.
The government of Venezuela has utilized a large proportion of 70% of its annual spending in free welfare for its people. Resulting a huge debt of 167 trillion won last year alone. In this situation, Venezuela’s monetary bolivarization continues to be worthless. In order to overcome this crisis was by the method of issuing cryptocurrency.
In Venezuela, only 38.4 million ERC-20 tokens are pre-sold using Ethereum when conducting ICO and it will be possible to exchange it with Petro platform’s own token after the token sale is over. Petro’s ICO target is $ 49.44 billion. Petro was able to have the first sales of 38/4% after 20 days. One month later, the remaining 44% public sale starts and 17.6% of Petro is kept in the Venezuelan currency and related regulatory bodies.
The uniqueness of Petro is that the value of Petro is based on the oil that Venezuela has. The reason why Petro’s selling price was measured at 60 dollars per barrel is based on Venezuelan crude which was priced at 60 dollars at the time it was measured. According to the Petro White Paper, Venezuela using a system that uses a discount rate based on its basket of petroleum prices to determine the price of Petro and receives Petro for payment of various taxes, fees and public services.
Venezuela, the world’s largest oil reserves is using its abundant resources to convert its cryptocurrency into capital. Currently, it is not a good situation due to the decline in oil production. Questions are raised as to whether Venezuelan government is able to supply its oil as well as able to cover its cost.
It is not easy to figure the upper limit of the coin when a question is been posed. The ICO of Qcity, Qnapse is built with solid and stable infrastructure which have only short period left. For further enquiries and accurate information in various cryptocurrency, please do participate in our Q-City open chat room.
