In the six largest Venezuelan cryptocurrency exchanges started trading tokens Petro (PTR), including: Cave Blockchain, Bancar, Cryptia, Amberes Coin, Afx Trade and Criptolago.
In early October, Venezuelan President Nicolas Maduro said that national virtual currency Petro will be presented at six leading world markets. The authorities also published a new version of the project documentation (White paper), which stated that the blockchain token PTR a hybrid system consisting of two protocols of consensus – proof of employment (Proof of Work) and proof of interest (Proof of Stake). The size of blocks is 4 MB, and the interval between them is 1 minute.
The course of bitcoin Petro on 50% backed national oil reserves, 20% – gold 20% iron and the remaining 10% – diamonds. According to Maduro, the tokens will help to stabilize the economic situation in the country and to reduce inflation. Starting from October 2018, the government of Venezuela will use Petro as a means of payment for international money transfers.
The President said: “Trade Petro has already begun on the six largest international stock exchanges. Every Venezuelan will be able to use the tokens Petro to pay for goods and services.”
The government hopes that with the help of Petro, the country will be able to bypass economic sanctions and freely conduct international trading activities. Power of the main enemy of Venezuela, the United States, already began to fight with the Venezuelan Petro bitcoin and forbade its citizens to buy more tokens.