President of Venezuela Claims That Petro Has Gathered 5 Billion During Pre-Sale

Published on 12 Mar. 2018
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Venezuelan news website TeleSUR has published the statement of the president, Nicolás Maduro, that the pre-sale of the oil cryptocurrency Petro (PTR) gathered 5 billion US dollars. During it, more than 186 thousand certified purchases were registered. The statement was sounded at the meeting with the members of United Socialist Party of Venezuela (PSUV) in Karakas.

During the meeting, Maduro promised that money gathered at the cryptocurrency pre-sale would be used for the country’s needs. Due to his words, this step is a part of the bigger economic solution adopted by the Venezuelan government.

Besides this, Carlos Vargas, the head of Administration on Cryptocurrency Control stated that more than 83 thousand individuals from 127 countries, among them 3 523 entrepreneurs, had tried to purchase the oil cryptocurrency. We’ve written earlier about the statements of the Venezuelan leader and the incredible demand on the national cryptocurrency. It was said that the government had received more than 171 000 confirmed orders for Petro purchase. And during the first day of pre-sale, the country had received 735 million dollars.

Cryptocurrency Petro was created to bypass the US sanctions. At the moment, Venezuela is suffering from the acute economic crisis, and the citizens have to recourse to the cryptocurrency mining to survive. President Maduro claims that Petro pre-sale has a huge success, but there is no evidence of that so far. 

All the 100 million of Petro tokens are still motionless on the NEM-wallet that belongs to the Venezuelan government. Nevertheless, Maduro has recently stated that Petro would improve the monetary sovereignty of the country, at the same time helping to fulfill financial operations and overcome the financial blockade.

Although Venezuelan leader assures that the creation of Petro is a step ahead, not all Venezuelan officials seem to support the president’s position. Oppositional congress has stated that Petro is illegal, unconstitutional and veils the direct selling of the Venezuelan oil. The national assembly of the country has condemned the launching of the cryptocurrency, calling it a fraud and warning investors about possible risks.

From the other side, Chinese rating agency Dagong claims that Petro can help a global currency system. For the broadest distribution of his cryptocurrency, Maduro has ordered the air companies of the country to accept Petro and other cryptocurrencies for selling tickets.

Despite the polemics, Venezuela intends to auction Petro for selling to private companies via its currency platform Dicom. One should remind that last month Maduro promised that “ Petro Gold will be released next week” – cryptocurrency that is assured by the gold reserves of the country.


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