"Petro" Cryptocurrency Pre-Sale Raises $735M USD, Venezuela's President Claims

Venezuela Launched A Cryptocurrency

However, the president's statement has not been backed up with evidence, suggesting that he is simply trying to drum up business by making the Petro look like a must-have investment whilst the opportunity remains. One thing we do know now is that the Petro is supposed to be backed by the country's oil, gas, gold and diamond riches.

"Today borns cryptocurrency that can be based on Superman", said Maduro during a televised address using the comic character, but considering the United States. There is the opportunity for ICO-period investors to be involved in a four-level commission structure, but that looks nothing like a pyramid.

The bolivar is nearly worthless because of the hyperinflation that has plagued the economy in recent months.

The Petro goes live for public trading next month, but financial analysts and blockchain experts remain skeptical that the coin will attract significant investment. But his successor President Nicolas Maduro's rule since 2013 has coincided with a deep recession, due to failed state-led economic policies and the plunge in global oil prices.

The petro will not be a token on the Ethereum network, as was previously disclosed in a whitepaper provided by the government. The sanctions will also outlaw businesses that deal with the Venezuelan president Mr.

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There was also no information on exchanges yet. So, we need to wait and see if Petro can indeed become an economic life jacket for Venezuela.

Sanctions levied a year ago by Washington block USA banks and investors from acquiring newly issued Venezuelan debt, effectively preventing the nation from borrowing overseas to bring in new hard currency or refinance existing debt. There is little doubt that Venezuela is desperately attempting to raise funds rather than introduce a novel concept to the crypto market through a digital currency with a hard commodity backing it.

The government has been tight-lipped, but it is believed that 100 million Petro coins would be equivalent to $6 billion.

A coalition of more than a dozen Latin American countries rejected Venezuela's call for early elections, saying it contradicts democratic principles. Another hurdle is that almost 50% of Venezuelan oil was headed for the US before the advent of Shale oil and consequent dip in global oil prices. Both Venezuelan nationals and foreigners are welcome to buy Petros.

Apparently, the US treasury department must be working overtime to nip Petro in its bud and if that happens, the crypto world will be left with very little to celebrate. "Without that, don't count on the opposition or the Venezuelan people to support a fraud".

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