Petro is the first State-issued cryptoasset
The PETRO (PTR) will be backed by the Bolivarian Republic of Venezuela and the wealth of its large crude oil reserves. More importantly, the Petro has been created in an innovative manner, using the highest standards in block chain technology and information security, thinking of a future where electronic asset-representations will enable more direct trade as well as government work within the framework of true financial and economic independence.
During the last 4 years Venezuela has experienced the biggest financial crisis in its history, a situation that has resulted in a devaluation of its national currency, the bolivar.
Within the framework of policies to strengthen monetary sovereignty and promote welfare by bringing power closer to its citizens, the government of the Bolivarian Republic of Venezuela has decided to embark on an ambitious project for the future, with the vision of turning the country into a blockchain-based solutions development hub for emerging economies.
The Petro will be the foundation of a policy to promote development, infrastructure and training of young people in electronic mining, coding, cryptography, network security and economics 4.0, that will enable the exploitation of Venezuela and other developing countries’ most valuable assets in a new world of transparent, deconcentrated and manipulation-free markets, all thanks to technology.
The most important contribution of PETRO to the cryptoassets’ market and the new digital economy will be the support offered by a sovereign state.
The Bolivarian Republic of Venezuela guarantees that it will receive PETRO as a form of payment for national taxes, fees, contributions and public services, taking as a reference the previous day's Venezuelan oil basket price with a discount*. This will ensure that the buyer always has a return value adjusted to the value of his investment.
Payments in PTR will be accepted according to their value in bolivars at the rate resulting from the operations of authorized trading sites, determined by market mechanisms and in accordance with the legal provisions issued by the competent authorities of the Republic. In addition, the Venezuelan government is committed to promoting the use of PETRO in the domestic market and doing the efforts necessary to stimulate its acceptance throughout the world.
(Where the Petro/Bolivar rate will be determined through a weighted average by the volume of operations of all exchanges authorized by the Venezuelan government.)
*The conditions of this discount are explained in detail in the Whitepaper
**This percentage discount (Dv) is equivalent to the current discount rate at which the State sells PETRO, which will be at least 10% if more than 48,000,000 of PETRO have been placed on the market, and will be higher until this figure has been reached
The only thing needed for the of PETRO is to open a digital PETRO wallet.
Once opened, your wallet will generate an email address that you can share with anyone who wants to transfer PTR to your wallet. You will be able to receive and deposit your PTRs in this e-mail address
If you wish to exchange your PTRs for another type of cryptoasset or fiduciary currency, you only need to access any of the electronic trading sites authorized by the Republic (for Bs/PTR operations) or any of the international exchanges that accept PETRO.
