Venezuela says launch of 'petro' cryptocurrency raised US$735 million

Venezuela says launch of 'petro' cryptocurrency raised US$735 million

Venezuelan president Nicolas Maduro is claiming that the country has raised $735 million in the first day of a sale for its controversial "petro" cryptocurrency.

For the same reasons, Russia, China and many other countries, "are developing and implementing ideas regarding their own cryptocurrencies", Piña said, noting that a similar idea is being discussed among BRICS member states as well.

But the country faces a serious financial crisis due to lower crude oil prices and USA economic sanctions. The short answer is: "It simply can't".

A total of 100-million petros will go on sale, with an initial value set at $60, based on the price of a barrel of Venezuelan crude in mid-January. The government has promised that Venezuelans will be able to use the coins to pay taxes and public services.

The U.S. Treasury Department has warned U.S. citizens and companies that buying the petro would mean violating sanctions, putting another damper on the release.

Maduro announced in early December that Venezuela - which is under sanctions from the USA, as well as the European Union - was creating the digital currency.

"Today, a cryptocurrency is being born that can take on Superman", said Mr.

Maduro has also touted the petro as the fulfilment of the late Hugo Chavez's dream of upending global capitalism away from the dominance of the USA dollar and Wall Street.

Qatari diplomat forced to leave Gaza emergency aid conference By
Liberman visited the injured soldiers, accompanied by Soroka Medical Center Director Dr. When they got near the fence, the bomb went off.

Venezuelan's major opposition groups edged closer Tuesday to an all-out boycott of an upcoming presidential election, warning the vote won't be free or fair.

"You can not stop hyperinflation by creating a new currency and doing nothing else", Leidenz said.

While polls show the majority of Venezuelans plan to head to the polls, they overwhelming indicate they are apathetic about the current opposition field, which is lead by former governor Henri Falcon.

The official website published a guide to setting up a virtual wallet in which to hold the cryptocurrency, but did not provide a link for actually doing so on Tuesday.

For months the opposition has tried to negotiate more favorable terms with the government through a series of meetings in the Dominican Republic, as part of an worldwide effort to remedy the country's political stalemate.

He also linked their rise with increasing American aggression on the global stage, and claimed US Secretary of State Rex Tillerson's unfriendly remarks on Venezuela during his recent Latin America tour are a direct effect of the launch of petro.

Theoretically, the petro is backed by Venezuela's reserves of precious metals like gold and crude oil. One document highlights the use of Ethereum network while another document which is now being referred to as the buyer's guide shows the use of NEM blockchain system.

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