Venezuela Claims Petro Has 171,000 Pre-Registered Intents

It seems the initial coin offering presale for Venezuela’s high-profile Petro cryptocurrency has been a success, if it’s to believe state-run media outlets.

On Monday, Nicolas Maduro announced through the official presidential Twitter account that more than 171,000 individuals and companies had pre-registered for the Petro presale, which opened last week.

During his speech that he gave on the Venezuelan Television State Channel, the president said 40.8 percent of the offers were placed in U.S. dollars, 33.8 percent in bitcoins, 18.4 percent in ethereum, 6.5 percent in euros and 0.2 in yuans.

The Petro will influence the future of the economy, production, commerce and finances in our region, in South America and the Caribbean,” said Maduro at the Cantaclaro Theater in Caracas Tuesday, where his candidacy for the upcoming presidential elections was endorsed by the Communist Party of Venezuela.

Maduro also said the offers were made by 87,284 internet users, of which 3,523 are legally registered companies and more than 83 thousand are individuals interested in investing in the cryptocurrency.

I call for no one to doubt the Petro. The Petro is the future of the cryptocurrency monetary system and Venezuela is on the lead. It’s the first country to create a digital coin, a state-backed cryptocurrency,” said Maduro.

The truth may be not as glistening as may it sound. Even though last week Maduro announced that Venezuela had received $735 million in the first day of a pre-sale of the country’s cryptocurrency, a lot of people don’t think that this number is correct. Venezuela still haven’t named investors and the legality of the whole process is pretty much in question. Petro, as for now, seems to be a form of debt, and it has to be approved by the legislature. If we look at Maduro’s (almost) non-existent popularity at home, what can happen is that the opposition will declare it worthless when they get into power.

Venezuela Turns to Petro to “fight off the effects of the US sanctions

Venezuela Claims ‘Petro’ Has 171,000 Pre-Registered Intents Nevertheless, this crisis-ridden country announced creation of this oil-backed cryptocurrency three months ago when President Nicolas Maduro said that they need something that should fight off the effects of the US-led sanctions.

The petro, he then said, would help Venezuela “advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade.

The Petro presale process began on Feb. 20 and will last 30 days. The actual sale will begin afterwards on the ethereum cryptocurrency platform blockchain.

Teuta Franjkovic

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