🛢️ A closer look at Venezuela's Petro

Bloomberg analyzed a series of sources including public speeches and online publishings to get an understanding of Venezuela's opaque national cryptocurrency. According to these sources, the Petro is a sovereign cryptocurrency backed by the state of Venezuela. A total of 100 million Petros were issued on the NEM ($XEM) blockchain and according to the whitepaper the price is determined based on the previous day’s Venezuelan oil basket price, minus a variable discount. According to the government, it can be used as legal tender for paying taxes, fees, contributions and public services. During a television address in April Maduro stated that $3.3 billion worth of tokens had been sold between a private pre-sale and public sale.