The president of Venezuela announced that the “petro-coin” started to be pre-sold

nRunaway Comment: Venezuelan President Nicolas Maduro said he will start the sale of Petro, the country’s cryptocurrency, this month. On Tuesday, Maduro signed a white paper on petro-coins and said it will begin pre-sales on February 20. In addition, Maduro also announced that it will set up mining centers in educational institutions to produce tokens. Just recently, U.S. senators blamed Venezuela’s encrypted currency plan.n
nTranslation: Clovern
Venezuelan President Nicolas Maduro said he will open a pre-sale of the Petro, the country’s cryptocurrency, next month.n
Maduro signed a white paper on coins on Tuesday and said the initial sale of the token will begin February 20. In addition, according to Bloomberg News reports, President Maduro also disclosed that it is planning to use the national currency card owned by millions of Venezuelan citizens to use petroeum (backed by a commodity reserve such as oil).n
Maduro further announced that it will set up mining centers in educational institutions to produce tokens. It seems that the original draft proposal has been modified to pre-mined the coins before the issue.n
According to Bloomberg reports, Maduro said on state television:n
n”The oil coins will have a huge impact on how we can get foreign currency and how to get the products and services we need around the world.”n
nLast December, Maduro announced the controversial plan purportedly to sidestep financial sanctions.n
The opposition-led parliament in the country soon announced that it was “illegitimate” and would use the country’s oil reserves as collateral. Therefore, the move violated the law that stipulates that government borrowings must be approved by the legislature.n
Jorge Millan, a legislator at the time, said: “This is not a cryptocurrency, it’s a long-term sale of Venezuelan oil.” He calls it “tailor-made for corruption.”n
In addition, on January 22, US Senators Marco Rubio and Robert Menendez condemned Venezuela’s cryptocurrency program in an open letter to U.S. Treasury Secretary Steven Mnuchin.n
The two senators want to know how the department will act to stop the country from using oil to bypass American sanctions.n
They wrote:n
n”The U.S. Department of the Treasury must be equipped with tools and enforcement mechanisms to combat the use of cryptocurrencies to evade the U.S. general sanctions, especially under such circumstances.”n

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