Venezuela has come out with a number of guides on its planned petro virtual currency as pre-sale support. The move is also aimed at reducing the dependence on the greenback and buck the economic sanctions slapped on it.
Venezuela government disclosed that it would back the petro token as a legal tender for paying taxes, fees and any other public requirements. The establishment outlined its expectations, as well as, plans for the petro in its web portal meant for the virtual currency hosted by Ministerio del Poder Popular para Education Universitaria Ciencia, Technologia, coindesk.com reported.
The government clarified that the digital currency of petro would be based on the price of a barrel of its oil from the preceding day. Initially, there is a plan to disburse 82.4 million virtual currencies though the government’s intention was to issue over 100 million petro tokens finally.
Though the government move attracted criticisms within the country and outside, the establishment was not worried about it. Its president Nicolas Maduro launched the digital currency in early December despite warnings issued by different regulators around the world.
The government’s guide explained users as to how to create digital wallets, as well as, acquire the token. This included a warning to users on the security aspect.
As the sale of the petro virtual currency started, observers were keen to watch on the kind of attention the digital token could attract. The establishment intends to complete any adjustments required for its network before the first quarter end. As a result, the full use of the virtual currency could be seen in April.