The gold, the Diamond and the iron, apart from the oil barrel, are a strength and a greater flexibility to the Venezuelan cryptocurrency; and it is through it that commercial exchanges can be made in international markets. It is important to emphasize that it is a new economic structure and that the external service expenses will be made in petros, because it is a currency that will compete with the dollar and other currencies.
It can be said that the official cryptocurrency arises not to depend on the dollar, and that now it is necessary to see that the United States does not admit it and is grateful for the sanctions against Venezuela. In addition, this cryptocurrency is created in an innovative way, using the highest standards in technology.
It is a sovereign crypto-active backed by oil assets. We must understand, then, that their support will be limited only to the Venezuelan crude reserves and not to other raw materials. That is why the Venezuelan State is committed to this digital currency as a basis for "the development of an independent digital economy, transparent and open to the direct participation of citizens." And they assure that the oil assets of the country will boost their adoption and that of blockchain-based technologies.
The total of petros issued and put up for sale will be 100,000,000, with no extraordinary emissions contemplated. 17.6% of the total will be retained by the Superintendence of Cryptocurrency and Related Venezuelan Activities.
In addition, the Venezuelan authorities explain that they will give international outreach to Petro by establishing mechanisms of incorporation "in their relations with foreign oil companies with a national presence" and "in the international commercial relations of PDVSA and other companies and state services."
