The Venezuelan Superintendent of Cryptocurrencies and Related Activities, Carlos Vargas, made an announcement on the national television that Petro will not be mined, but will be be pre-mined; the complete emission of Petro will be under the regulation of the government of the country. Also, it will be assigned with a procedure similar to that of an auction.
Vargas further explained that Petro will be available across all the exchanges and will be supported under widely know platform. The platform most known for creating tokens marketed worldwide is the Ethereum ERC20 protocol, which requires coins to be pre-mined. This will allow Petro to be marketed worldwide without any major restrictions.
Petro is going to be ready for sale in next 6 weeks, and people will be able to create theri digital wallets, the superintendent added.
Earlier in December, Prime Minister Nicolas Maduro had started a registry for recruiting miners all over the country for mining their new cryptocurrency. With the new revelation by Vargas about Petro being pre-mined, vargas stated that the registry is public inscriptions of people who have mined cryptocurrencies before.
The shocker part of the whole deal is that, this announcement of pre-mined Ptero came just after it was declared illegal by the Venezuelan National Assembly. Furthermore, it is thought that there is group of opposition leaders who will participate in discontentment with mining of Petro.