Venezuela’s Petro Cryptocurrency Brings In $5 Billion, Claims President Maduro

by | Mar 13, 2018 | Cryptocurrency, Cryptocurrency News, ICO

The Petro is believed to be world’s first national cryptocurrency that was sold via ICO’s. Venezuela’s president Maduro claims that this cryptocurrency raised $735 million on the first day itself and also confirms that the ICO’s have soared up to $5 billion. Maduro has been showing unwavering support to Petro cryptocurrency which was evident by his talk at the meeting with the United Socialist Party of Venezuela, where he said:

 “Funds will be used to buy everything our country needs, it is part of the economic solution”.

If the above is true, Petro is going to be the most successful ICO in history by a really large margin. That being said, there have been lack of evidences to support the claim, as only Maduro’s statement is the only one to have shown concrete enthusiasm about the Petro cryptocurrency

Also Read: Venezuelan President Urges 10 Different Countries To Adopt’s His Oil Backed Cryptocurrency – Petro

The opposition 

To make it more complicated, Venezuela’s opposition party has strongly condemned Petro cryptocurrency as a scam and also reports it as a very disorganized ICO, which brings us to notice that the buyers of Petro cryptocurrency have not received their Petro tokens yet, irrespective of the money raised by the ICO’s.

Apparently, the Petro cryptocurrency is said to be supported by Venezuela’s oil reserves with no transparency on how it works. With the Petro ICO getting successful in the market, Maduro also declared for the the establishment of another new cryptocurrency, Petro Gold, backed by the gold assets.

This second cryptocurrency was also a huge success, as confirmed by Carlos Vargas, Venezuela’s cryptocurrency superintendent, who said that over 83,000 individuals from 127 countries participated in the sale. The huge sale of the Petro currency also revived the investment in unrelated coins, like PetroDollar cryptocurrency.

Steps taken by the other countries to support the use of Cryptocurrencies

Venezuela has made Petro not just as a cryptocurrency but also as a tool and medium to for helping bypass US sanctions on the country.

  • This way, many other countries like Iran and Turkey, which are battling with the consequences of economical and financial lockdowns are motivated to take a big step in the same direction.
  • North Korea has also started to get its economy involved in other cryptocurrencies like Bitcoin and Monero.
  • Russia has proposed a multi-national BRICS cryptocurrency.
  • Marshal Islands has become the first ever country to create its own legal tender cryptocurrency.

What’s going to be the verdict?

The Petro cryptocurrency may look like a huge success on the outside, but it has been seen as a constant face of internal conflicts and doubts. It looks like either this currency will prevail as the only national currency or there will be none.

For Petro to be counted as a credible cryptocurrency, an independent audit will have to confirm about the funds that it claims to have raised, that would be a much reliable way of seeing through the success of the Petro.

Also Read: Venezuelan President Asks Banks To Use And Mine Petro 

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