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The Petro will have a great impact in how we access foreign currencies for the country and in how we obtain goods and services that we need from around the world.” “This is the moment to accelerate the entry of the Petro, to have faith in what we’ve created, and in the technological and intellectual capacity of our country. Speaking on state television, Maduro stated: The Petro will be premined, although the whitepaper claims the government may introduce a proof-of-stake model. The rest of the tokens will be held by the Venezuelan Superintendence of Currency. Its price is based on the Petro being backed by the country’s oil reserves, although there is no way to trade the Petro for the crude. It will feature four levels of small discounts for every 5 million Petros, until a final 24 million tokens are sold at roughly $60 each. The public sale will see 44 million Petros sold, and will begin after the presale is over.
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After the month-long presale, the Petro will be sold to the public at decreasing discounts, to stimulate early demand. Previous reports claimed Venezuela would offer institutional investors a discount of up to 60 percent, and a final draft of the Petro whitepaper claims the transactions will be private. This presale, according to Bloomberg, will be private, obscuring the potential discounts the country offers investors. Out of the 100 million Petros Venezuelan leader Nicolás Maduro ordered, about 38.4 million will go to institutional investors in a month-long presale, set to begin March 1. As previously reported by CCN.com, Venezuela is set to issue its Petro cryptocurrency through a token sale.