Updates on El Petro, the first oil-backed cryptocurrency

Venezuelan cryptocurrency El Petro is the first oil-backed national cryptocurrency released yesterday, Feb. 20. According to Nicolás Maduro, the president, on the first day of the pre-sale over $735 were invested in 82,4 tokens. El Petro can be obtained for diverse fiat and cryptocurrencies except for Bolivar, the national fiat currency of Venezuela.

Instead of Ethereum, as it was intended, the blockchain of the project is based on NEM. 

The president declared that some of the largest oil companies, such as Petroquimica de Venezuela, CVG and PDVSA will, will make their deals with the use of the virtual currency. 

EL Petro will be used to pay for consular and traveling services, different fees and aviation fuel. Venezuela also plans to launch an exchange for the token next month.