Venezuelan President Nicolás Maduro sets a date for the presale of the petro.

This Tuesday, January 30, the president of Venezuela, Nicolás Maduro, signed the Petro paper, which specifies its operational conditions and its operation. Likewise, he indicated that the date of release to the market of the currency will be this February 20 in a pre-sale.

The announcement was made in a Council of Ministers held at the Miraflores Palace, where the president said that "Venezuela has taken the necessary steps to comply with the necessary protocol for the creation of the cryptocurrency."

Among the most fundamental aspects that make up the white paper are the definition of the support that the currency will have, which are the Ayacucho Block's oil reserves, and the specification of the distribution of the digital currency, said Daniel Peña, general secretary of the Observatory. Blockchain, in an interview conducted by DiarioBitcoin.

For the presale announced for this February 20, about 38 million petros will be offered, out of the 100 million coins that the Venezuelan leader ordered. This ICO is intended for institutional investors, explained Carlos Vargas, Superintendent of the Cryptocurrency, during a forum held on January 25.

The Venezuelan Head of State assured that the total of petros that will be issued during the first year of circulation, will amount to 100 billion tokens. He also announced his orders to create mining farms throughout the country, to be installed in educational centers and popular areas.

"Venezuela is at the forefront of the world. We will permanently accelerate the start-up of the cryptocurrency, the Petro, "said Maduro.