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Maduro Sets Venezuela's Debut Cryptocurrency Sale for February

Nicolas Maduro

Nicolas Maduro

Photographer: Carlos Becerra/Bloomberg

Venezuela’s President Nicolas Maduro said the country is pushing ahead with plans for the first sale of its cryptocurrency next month, and developing plans for its use with a national ID card held by at least 15 million Venezuelans.

The first sale of the petro will take place Feb. 20 and a number of "mining farms" are being developed at schools and universities, Maduro said, after signing the petro’s whitepaper. That represents a change from the initial draft of the currency, which had said it would be a pre-mined coin.