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Petro Going On Presale This Tuesday Despite Heavy Criticism

The Petro, a Venezuelan government emitted, ERC20 ethereum based crypto coin, will be starting its presale next Tuesday, according to Carlos Vargas, who is the Venezuelan Cryptocurrency Superintendent. This would be the first government-supported crypto coin emission of the world.
Despite heavy critics calling it a “digital asset”, instead of a cryptocurrency, because the market cap and the emission are being controlled by the Venezuelan government, and the impossibility to be mined freely, some analysts also think that this coin has something smart to offer. The government claims that every Petro will be backed up with a barrel of oil, just like every Tether is supposedly backed up by a dollar. Transparency issues aside, it is nonetheless an interesting premise.
Venezuelan government critics say that the Petro is a new way of side-stepping the harsh sanctions that president Maduro is facing from USA an also from the European Union, that prohibits citizens and companies from dealing with government officials. Despite all that, this presale is expected to have international reach and would have support from European, Asian, and even US-based investors. The initial price of a Petro will be 60$, the average price of a barrel of Venezuelan oil.

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