

It's nice to get some good news in the Crypto space, considering the dip and SEC movement today. Looks like Venezuelan President Nicolas Maduro has finally announced that the presale of Petro, the national cryptocurrency, will launch its presale on February 20th.

I like the idea of a country creating it's own Cryptocurrency for it's very own population. We'll so how the pre-sale goes, and if it helps the market in a positive way.

Here are some clippings from the article:

Will Anyone Really Invest?

The decision from Maduro to go ahead with the sale flies in the face of his own congress. They believe that by backing a state currency with its own oil reserves is nothing more than a way to “mortgage” oil in a desperate attempt to offset massive debt and inflation in the country. Furthermore, they have declared that the Petro would become immediately null and void as soon as Maduro is no longer in office. Bearing in mind that the next election is scheduled for April 20th this year, there have been suspicions raised that this is nothing more than a thinly-veiled attempt at corruption. Although, the stated aim as given by Maduro is to bypass international financial sanctions that are being driven by the United States.

The ERC-20 token presale will be private, and institutional investors will be offered massive discounts in an attempt to gather early momentum. However, with such financial uncertainty, and such an unstable government, investors would be effectively trusting an institution that has not received much good faith, not to renege on investment terms. And that in itself could be extremely risky.



credit: https://bitrazzi.com/venezuelan-president-announces-petro-presale-february-20th