What is known of cryptocurrency of Venezuela after pre-sale start for today?

On Tuesday, on the eve of the start of preliminary sale of the Petro cryptocurrency, the government of Venezuela published a manual for the buyer.

Having declared the token provided with oil valid means of payment which can be used for payment of taxes, the commissions and other collections, the Venezuelan government outlined the plans and waitings Petro on the new website which was designed especially for cryptocurrency and is launched along with the beginning of pre-sale is relative.

On the website, it is specified that the price of Petro will depend on the price of the barrel of the Venezuelan oil in the previous day.

Pre-sale which it was declared last month began on Tuesday morning on February 20. In total the release more than 100 million Petro is expected, but so far only 82.4 million will go on sale.

According to the latest data, the president of Venezuela Nicolás Maduro said that his country collected $735 million in the first day of a private presale of national cryptocurrency.

Petro — the first digital currency released by the federal government and this idea already caused a criticism wave from legislators of Venezuela and other countries. For the first time, the initiative was sounded by the President of Venezuela Nicolás Maduro at the beginning of December.

The manual for the buyer explains how to set up a digital purse and to buy a token and also warns users about security measures for the protection of purses. All details of the principle of operation are explained in the published technical documentation.

Though the third document is called “The guidelines for the internal monitoring directed to preventing of money laundering and financing of terrorism”, the file contains only the table of contents and does not disclose any principles to which the Venezuelan government will adhere.


The new document sheds light on a key detail: what blockchain will be used by Petro token for payment. Technical documentation confirms that initially, Petro will exist on the basis of an Ethereum, using the ERC20 standard.

“Preliminary sale will begin on February 20, 2018, and will consist in creation and sale of a token on a blockchain of the platform of an Ethereum. This process will promote and will provide demand for primary placement of Petro which will take place later” — it is said in the document.

It is remarkable that in a manual for the buyer is claimed that during pre-sale “the token of PTR will function on a chain of the units NEM”. Mentioned a blockchain network it was launched in 2015 and I led to theft of cryptocurrency on the amount over $500 one million from the Coincheck exchange at the end of January.

According to a manual for the buyer “purses and programming elements are connected to this technological framework”.

The reason of such mismatch in two documents is not absolutely clear. Perhaps, Petro will be valid to work on a NEM network basis and will be postponed later for ERC20 when the sale is well underway.

It is possible also that Venezuela uses some code on the basis of XEM to launch absolute the new register. The representative of NEM Foundation did not answer to a request to comment on this situation.

Looking forward

According to the plans published on the website Petro next month, Venezuela will open the exchange for the token and will begin the closed sales. Besides, the government aims to finish all necessary settings of a network until the end of March. It is expected that in April full use of Petro will begin.

The token which caused a lot of controversies already earned many opponents, including members of the Congress of Venezuela controlled by the opposition. In comments of media, one legislator called a token “illegal” and accused him of corruption contribution.

Some high-ranking officials of the USA expressed concern on the possible use of Petro for deviation from the economic sanctions inflicted on the country. In January Marco Rubio’s senators (Republican Party, Florida) and Bob Menendez (a batch of Democrats, New Jersey) addressed the U.S. Department of the Treasury with the requirement to control and restrict the use of Petro.


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