Petro - Venezuelan Cryptocurrency

Greetings,

While I was reading the latest news I saw that Petro coin will help to finance houses to homeless people in Venezuela. And I was curious to dig down a little bit more by researching what Petro coin is. And it is interesting for me that's why I want to share it also what I've read and learnt so far.

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What is Petro?
It is a cryptocurrency launched by the Venezuelan government - a currency that is backed by the oil and mineral serves of Venezuela.

Read about Petro in English - http://www.elpetro.gob.ve/index-en.html

There are 82.4 million Petro coins available, and are purchasable in cash and other cryptocurrencies. And the Foreign Trade Minister of Venezuela together with the President of Venezuela aims to reach 6 billions USD with selling those coins, worth a barrel of oil each.
The drastic drop in Bolivar's value caused the country's government to seek alternative ways to save the economy from a possible devastation.

Unfortunately, In the last 12 months, inflation in Venezuela reached a very high percentage and Bolivar (currency of Venezuela) lost a big value.

This Cryptocurrency supports the natural gas and oil, and President of Venezuela when he talked for media's, cited that Venezuela is the first country to create their own Coin officially. And this is a great step for the Economy of Venezuela. Rather than that, in the first day of selling the tokens with the same value as the oil which was 60 USD back to the February, because they sold it firstly on pre sale of 20 February, they collected a great money which is around 700 million USD.

The Petro is ERC-20 Token based on Ethereum Blockchain, backed by one barrel of oil.

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Helping Homeless with Petro

Venezuelan Environment and Housing Minister Ildemaro Villarroel unveiled the government's plan to fund homes for the homeless using the Petro coin where 909,000 of coins will be used to finance for the new homes.

The name of this project is called "Great Mission of Venezuela Housing" where the government already finished for dates 2 million houses. And they are signing agreements with firms - technical,logistics and so on. Authorization of a budget with number of coins is equal of 75 billion bolivars (approximately $750,000). As you may know in Venezuela 750K USD means a lot of money, because of their Economy is not working well at all. And the Avarage income per month of one person is around three dollars. Even A doctor is taking around five dollars per month, so you can imagine how much money 750K or the budget that is reserved for the houses is.

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Me personally I like those Initiatives, especially for Venezuelans when I see their Economy is getting worse day to day. And I hope some people will get benefited from this project!

Thank you for your time.