So how does this Petro work exactly and how is it different from other cryptocurrencies? PETRO is more like stock or bond issuing, it doesn't take any computing or mining like Bitcoin does, all PETRO coins are pre-created, and are directly issued and sold by Venezuelan government. Those who place orders during this pre-sell period can get discounts, the earlier they buy, the bigger discount they will get. Public trading will start this April in domestic and global cryptocurrency exchanges. The Venezuelan government will issue no more Petro in the future, but those petro owners will be rewarded with more coins over time.

Petro owners couldn't exchange the coins for oil directly, but they can pay for public services or taxes with it. Venezuela hopes to engage Petro in cross-border trade and transaction, and help break economic sanction from the US.