Following on from President of Venezuela, Nicolás Maduro\'s announcement that the country\'s new oil-backed cryptocurrency, the Petro, would launch on the 20th of February, the government has released a white paper. 

The new paper covers both the crowdsale mechanism and the token model that the country plans to use for the future cryptocurrency.

If all goes to plan, Petro\'s value will reportedly match the total revenue created by all ICOs in 2017. The new tokens are set to be more of an expense than Bitconnect X, which is currently valued at $50.00. A Petro token will reportedly be valued at $60.00; this matches the current value of a barrel of oil.

The whitepaper holds that the Petro will enable its investors to enter into the market using a more reliable and stable form of crypto. The Petro will also promote \"fundamental analysis\" due to its ties with a well established industry.

However, many have been critical of the government\'s adoption of Petro, with some even calling its creation \"illegal\". Others have argued that the coin is a questionable attempt to help the country free itself from its current economic crisis and the burden of US financial sanctions.