Venezuela is issuing its first batch of 100,000,000 El Petro. There are more than 860,811 miners who have already registered in the Unified Registry of Cryptocurrency Miners. 

Venezuela is moving forward with its cryptocurrency plans. Nicholas Maduro, President of Venezuela, orders to issue 10 million of national cryptocoins called El Petro.

"I’ve ordered the issue of 100 million petros, based on national wealth. Each petro will have the value of a barrel of Venezuela’s oil," Maduro said. 

Also, he announced the first national meeting of the El Petro’s miners, which will take place on 14 January.

"I call for the first national meeting of miners of the cryptocurrency, the petro, for next Sunday, January 14."

Everybody who wishes to become a miner of El Petro, the Venezuelan national cryptocurrency, either individuals or legal entities, has to register in the Unified Registry of Cryptocurrency Miners until 21 January.

Applicants have to be residents of Venezuela.

According to Maduro, there are already 860,811 miners in the register, with about 300,00 of them having started work on the project.

“We will call them our special cryptocurrency team. They will establish mining farms in all regions and municipalities of our country,” Maduro said.

Venezuela is taking active steps to create its state-backed cryptocurrency El Petro. The government of the country established two specialized departments in order to regulate a new industry - the National Blockchain Observatory and the Main Cryptocurrency Office.

In order to support El Petro, the Venezuelan authorities reserved 5 billion barrels of oil of the certified Ayacucho oil field No.1 in the Orinoco Petroleum Belt. The El Petro rate will be equivalent to the price of a barrel of oil from this field.