Venezuelan president Nicolas Maduro announced plans to pre-mine the petro. The new currency is expected to launch in six weeks.
The Venezuelan Superintendent of Cryptocurrencies and Related Activities, Carlos Vargas, announced during a Venezolana de Televisión broadcast on Wednesday, as reported by El Universal:
The petro will not be minable but [will be] pre-mined, that is, the complete emission will be under the control of the country. In addition, it will be assigned with a procedure similar to that of an auction.
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