Venezuela Claims $735 Million Raised in First Cryptocurrency Sale

Venezuela Claims $735 Million Raised in First Cryptocurrency Sale”

Maduro and Cabello say they are fighting a US -led global right-wing conspiracy to topple their socialist government and win control of Venezuela's oil wealth.

The petro is backed by Venezuela's crude oil reserves, the largest in the world, yet it hit the market as the socialist country sinks deeper into an economic crisis marked by soaring inflation and food shortages that put residents in lines for hours to buy common products.

Theoretically, the petro is backed by Venezuela's reserves of precious metals like gold and crude oil.

President Nicolas Maduro blames the United States and Western institutions for waging "economic war" against Venezuela.

Venezuela on Tuesday was set to become the first country to launch its own version of bitcoin, a move it hopes will provide a much-needed boost to its economy.

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

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. On the other hand, the opposition leaders of Venezuela have also snubbed this move by saying "the sale constitutes an illegal debt issuance that circumvents Venezuela's majority-opposition legislature, and the U.S. Treasury Department has warned it may violate sanctions levied a year ago", reports Reuters. The government said it will release 100 million digital petro coins during the first year, with the initial 38.4 million expected to go on sale at a value of $60 per token.

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In a further potential blow to the opposition, a senior official in the ruling socialist party proposed early elections for Venezuela's opposition-controlled congress as well, cutting its term short by more than a year.

So they created a new one.

Venezuela's opposition won control of the National Assembly in a 2015 landslide vote that was their biggest electoral victory in almost two decades of socialist government.

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. It has reportedly already drawn investment from Turkey, Qatar, and other Middle Eastern countries.

Venezuelan President Nicolás Maduro hopes that Petro will become an alternative national currency to the bolivar, which is now only worth 0.00004 Dollars - after years of hyperinflation.

CoinDesk highlighted some of the contradictory details regarding the token - while one documents talks about Ethereum network, another cites NEM blockchain.

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