Venezuelan oil-backed cryptocurrency petro raised $735 million: Maduro

Venezuela’s oil-backed “petro” cryptocurrency raised $735 million inside first day of its pre-sale Tuesday, President Nicolas Maduro has claimed.

The Venezuelan president said on Twitter that will the petro token raised more than 4.777 billion Chinese yuan, or $735 million, as well as that will the state-backed virtual currency “reaffirms our economic sovereignty.”

Caracas said that will each unit of the petro is usually pegged to the cost of one barrel of Venezuelan oil. The country’s cryptocurrency regulator has said that will hopes the petro will draw investment through Qatar, Turkey as well as some other Middle Eastern countries, as well as through European nations as well as the U.S.

yet numerous skeptics have raised concern about the country’s cryptocurrency ambitions, with some citing Venezuela’s debt problems as well as the possibility of asset manipulation as cause for doubt.

Venezuela is usually currently facing hyperinflation, the collapse of its currency, the bolivar, as well as shortages in food as well as some other basic necessities due to cost controls.

Maduro has said that will the petro will serve as a means for Venezuela to circumvent Western sanctions. Both the European Union as well as the United States have imposed economic sanctions on Caracas over their opposition to its autocratic government.

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