Zulia State to be the mining farm of Petro [PTR]

Petro, a cryptocurrency backed by oil, developed by Venezuela government has announced on their official website stating that the Governor of Zulia State has approved for the creation Criptolago which will be solely used as a mining farm for Petro.

The announcement even states that along with the mining of Petro, Criptolago will be used for mining of other cryptocurrencies as 25 businessmen have already approached the state and are willing to join.

Petro has been recently approved by the Venezuela National Constituent Assembly. Petro and other cryptocurrencies can be used by all the citizens of the country. In addition, the Venezuelan government might even charge for the export of the cryptocurrency.

{Transalated from Spanish} The governor of Zulia, Omar Prieto Fernandez says:

“Zulia is going to be an important pillar for the cryptocurrency. Criptolago is the first alliance we have as a state so that private companies can undermine.”

The governor adds that to avoid greater electricity consumption, electricity autonomy in the farms will with three 1500 KVA power plants and cooling system. Businesses which participates will have their own self-generating electricity plants, if not, they can use the state farm in exchange for cryptocurrency which will be monthly based in accordance with the mining.

The governor has even released a warning that if an illegal mining takes place in the state and doesn’t comply with the rules, then all the devices will be seized by the government.

The oil-backed cryptocurrency had raised $735 million during its ICO amidst the declaration that the coin is banned in the U.S by President Donald Trump. The White House even announced the news on their official Twitter handle which states the President signed an executive order to take additional steps to stop the Maduro regime in Venezuela from attempting to circumvent U.S. sanctions by issuing a digital currency.

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