Venezuela's Petro Cryptocurrency - Petro ICO - Don’t Trust It! Cash Grab by Venezuelan Government!
January 1, 2018
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5:58Now PlayingVenezuela's Petro Cryptocurrency - Petro ICO - Don’t Trust It! Cash Grab by Venezuelan Government!
YouTube Description
as posted by the channelAmid growing economic chaos, and the highest inflation rate in the world, Venezuela announced earlier this month they are launching their own cryptocurrency, the Petro. The coin would be back by Petrol as well as the nation’s diamond and gold supply.
They have since released more information on it:
The Petro coin value will be back by 5.3 Billion barrels of crude oil.
Each Petro coin backed by one crude oil barrel
The Venezuelan cryptocurrency superintendency and blockchain observatory will be creating the coin
The purchase of each Petro will be a purchase contract sale for one barrel of oil from the Venezuelan oil reserve
The holder of each Petro may exchange their coin into any other crypto and will recieve their own virtual wallet.
The initial run will be done through an ICO
Announcement of the issuance will be in the coming days. This could revamp their economy or be a massive disaster. Don’t trust it! A high oil production country, making tons of money can’t feed their people but now launching their own crypto. Someone is skimming off the top of the oil revenue. Expect the same scamming to happen with their cryptocurrency.
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