Venezuela launches Petro Coin today – almost 84 million tokens are initially available for sale. The government expects to circulate 100 million tokens in total, in a bid to generate over $6 billion.
Several virtual currencies claimed to be back by the dollar, but backing Venezuela’s Petro coin is crude oil.
Carlos Vargas, the official in charge of managing the token, said investors could buy these tokes against “hard currencies” and cryptocurrencies, excluding fiat currency such as the bolivar.
Petro Coin Is Developed to Raise Cash
Though President Maduro faced a lot …
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