The ‘Petro’ is a cryptocurrency that the Venezuelan government plan to launch and back with the country's huge oil reserves.
Almost sounds like an alternative to the ‘Petro Dollar’ does it?
Dangerous territory if you ask me. The US tends to get upset when anyone challenges the dominance of the dollar.
The Petro is going to use Ethereum, but only to conduct the ICO. After that, the Ethereum based ERC20 tokens will be swapped to native tokens on the PETRO platform.
The president of Venezuela Nicolas Maduro has now officially signed off the whitepaper for release.
And if you don’t believe me head on over to elpetro.gob.ve
Because here you can download and read the whitepaper for yourself.