Nicolas Maduro, president of Venezuela announced the launch of the national cryptocurrency Petro, which will be used as a means of payment in international payments. The brief summary of his speech.

Residents of the country will be given the opportunity to register on a special portal to get a crypto-wallet, and after that, they will have access to El Petro. From November 5 this year, the cryptocurrency will be available for purchase in exchange for souvenir bolivars – this is all the money that is released after the denomination.

The state is now experiencing a social and economic crisis, many people leave their homeland in search of work and a better life on other continents.

What we currently know about Petro?

Official website http://www.petro.gob.ve/

Petro wallet in Google Play. Windows wallet, as well as Linux version are available for the download at the official website. There is also API for developers available for the download under the “Developers” section.

Whitepaper is available in Spanish only as the English version has only one, first page at the time of writing. It’s new version states that the currency is backed 50 percent by oil, 20 percent by gold, 20 percent by iron, and 10 percent by diamond assets.