by the Government of Venezuela | Jan. 31, 2018
This Spanish-language paper officially introduces the Venezuelan cryptocurrency Petro. The paper posits that the dominance of the US dollar as a global reserve currency has a adverse effect, particularly on the developing world. It provides an overview of blockchains and cryptocurrency tokens, and suggests that a cryptocurrency backed by Venezuelan petroleum resources could be a stable and transparent means of transaction. It explains the role of the Venezuelan state in establishing the currency, maintaining it's value, and promoting adoption. Finally, the paper goes over the terms of the initial coin offering.
Source: http://albaciudad.org/
El Petro tendrá la capacidad de sortear bloqueos, retrasos y limitaciones del sistema financiero tradicional, favoreciendo el crecimiento de un nuevo ecosistema económico basado en la confianza, integridad, transparencia, eficiencia y rapidez que garantiza la tecnología de cadenas de bloques.