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Montevideo, May 21st 2018 - 15:00 UTC

Venezuela will hold pre-sale of the new “petro” cryptocurrenty on February 20

Wednesday, January 31st 2018 - 22:51 UTC
Full article 2 comments
“All the cryptocurrencies of the world have been revalued after Venezuela’s announcements about the creation of the petro,” said Maduro in a speech “All the cryptocurrencies of the world have been revalued after Venezuela’s announcements about the creation of the petro,” said Maduro in a speech

A “pre-sale” of Venezuela’s new ‘petro’ cryptocurrency will begin on February 20, President Nicolas Maduro said on Tuesday, a move that the government hopes will help pull the country out of a dire economic crisis.

 Maduro has previously said that the government will issue 100 million tokens, each valued at - and backed by - the equivalent of one barrel of Venezuelan crude. That would put the value of the entire petro issuance at just over US$ 6 billion.

“All the cryptocurrencies of the world have been revalued after Venezuela’s announcements about the creation of the petro,” said Maduro in a speech broadcast on state television.

The OPEC nation is seeking to raise hard currency amid a crippling crisis.

Venezuela’s government has said that the petro issue will help the cash-strapped country make financial transactions and overcome U.S. sanctions against Maduro’s populist government.

Critics have slammed the move as not only illegal but a simple debt issuance for a government overseeing quadruple-digit inflation and major shortages.

Categories: Economy, Mercosur, Venezuela.

Top Comments

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  • Chicureo

    The International Monetary Fund (IMF) projects 2018 the year Venezuela reaches 13,000% inflation. Half of its economy has vanished as it approaches a third annual double digit contraction. This ruse will result in an additional disaster for Maduro.
    I feel so sad for the people there.

    Feb 01st, 2018 - 12:45 am 0
  • Jack Bauer

    It will become known as ”craptocurrency'.....only as good as the crap that backs it.

    Feb 01st, 2018 - 07:17 pm 0
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