With the pre-sale of Venezuela's commodity-backed Petro cryptocurrency poised to start on Tesday, the country’s regulator says "the cryptocurrency will attract investments from Turkey, Qatar, the United States and Europe," CNBC reports.
“On Tuesday, there will be quite a few announcements about the start of the process,” Venezuelan Cryptocurrency Superintendent Carlos Vargas said on the sidelines of a political meeting in Caracas, according to Reuters.
“And there will surely be a lot of investors from Qatar, Turkey, and other parts of the Middle East, though Europeans and Americans will also participate.”
Venezuela's Petro token will be backed by its oil, gas, gold and diamond reserves, according to the government. The Petro will not be available in the Venezuelan bolivar initially.
Crypto advisers to Venezuela’s government have suggested that 38.4% of the 100 million petros first be sold in a private sale, with a discount of 60%, with the remainder sold to the public thereafter.