Quote from: roy92 on February 01, 2018, 03:26:00 PM

Quote from: unmystic on February 01, 2018, 11:19:26 AM

Yes it is officially backed by Venezuelan government.
100 million barrels out of the 300billion barrels they have...

Well not exactly. What you can get 1:1 Is a barrel of oil ;-)

But being a government promoted crypto, having an intrinsic value, it will be accepted as payment, so you can actually buy anything with petros (diesel and gas included) just like any other coin. The difference is that this one being government promoted aims to become widely accepted in the whole country (specially for government produced things as petrol, gas, diesel, paying the bills, etc) making efforts to be used also in other OPEC and ALBA members.

Quote from: Rsj91 on January 31, 2018, 06:51:40 PM

Is it like backed or supported by venezuelan government ? I see URL suffix has "gob."

I am not resident or know much of Venezuela, but if it is so then would be more than interested to take part in ICO.

As it's oil backed, can we buy Petrol/diesel/gas using the token in Venezuela ?

Do you have any proof that the government supports Petro?

It is on the website, also on the whitepaper, and also on the "Official Gazette" which is an official publication that gives mandatory character to every single law, decree and act issued by any Venezuelan authority.

You can download it here https://mega.nz/#!3QtmDL6b!1sX-RCFcRiybewJcKQVjyAg7T7sxAympJCHzZHyRaU8

Or search it using this: Gaceta Oficial 6346 del 8 Diciembre 2017

Being published on such Gazette, it becomes a matter of Compulsory compliance by the government. An obligation legally exigible

On that Official Publication, you can read an Official Decree with the following articles:

"ARTICLE 4. This Venezuelan Cryptocurrency the "PETRO", it is Venezuelan Oil quoted in the OPEC basket, as well as other commodities, among them gold, diamond, coltan and gas.

Each unit of PETRO will have as physical support, a purchase-sale contract for one (01) barrel of oil from the Venezuelan crude oil basket or any commodities decided by the Nation.

ARTICLE 5 °. The holder of the PETRO may exchange the market value of the crypto-asset for the equivalent in another cryptocurrency or in Bolivars at the market exchange rate published by the national crypto-asset exchange house.

The holder of the PETRO may change the market value of the crypto-asset by the equivalent in a cryptocurrency or by a fiduciary currency in International Exchanges.

The holder of each PETRO will own a virtual wallet, which will be entirely his responsibility, as well as all the risks associated with the handling and custody of the same."

Original text:

"ARTÍCULO 4°. Esta Criptomoneda Venezolana el PETRO, se trata de Petróleo Venezolano cotizado en la cesta OPEP, así como otros commodities, entre ellos el oro, diamante, coltán y el gas.

Cada unidad de PETRO tendrá como respaldo físico, un contrato compra-venta por un (01) barril de petróleo de la cesta de crudo venezolano o cualquier commodities que decida la Nación.

ARTÍCULO 5°. El tenedor de los PETRO podrá realizar el cambio del valor de mercado del cripto-activo por el equivalente en otra criptomoneda o en Bolívares al tipo de cambio de mercado publicado por la casa de intercambio de cripto-activo nacional.

El tenedor de los PETRO podrá realizar el cambio del valor de mercado del cripto-activo por el equivalente en una criptomoneda o por una moneda fiduciaria en los Exchanges Internacionales.

El tenedor de cada PETRO será poseedor de una billetera virtual, la cual será de su entera responsabilidad, así como todos los riesgos asociados al manejo y custodia de la misma."

This 100.000.000 Petros are backed offially and legally in oil by Venezuela
Other commodities could back other emissions of different coins possibly "atomic swappable" for now the government only focuses on oil backing. Later after studying the market they could issue similar coins backed by gold, gas, diamonds (resources higlhly available in Venezuela)

Here is a publication with the content. You can translate it using google translate for more information. It contains the full text of the previously quoted Decree
http://www.tuabogado.com/venezuela/secciones/derecho/informatico/decreto-3196-sobre-creacion-del-petro-y-la-superintendencia-de-los-criptoactivos-y-actividades-conexas-venezolana

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