17.6% will be stored in possession of Venezuela’s Superintendence of Cryptocurrencies and Related Activities (SUPCACVEN) El Petro’s minimum unit is called the ‘mene’ and equals 10-8 Petro.

The petro, an oil-backed state cryptocurrency set to be released in both a pre-sale and an Initial Coin Offering (ICO), was first announced by Venezuelan President Nicolas Maduro in December 2017.