Venezuela raises 735 millions in Petro ICO

Venezuela’s President Nicolas Maduro claims that their country has raised an amount of $735 Million in a single day sale of the controversial cryptocurrency, “Petro”. This announcement was made in the late hours of Tuesday, although no evidence was presented in front of the people, this claim came directly from his official twitter handle.

The Associated Press and Reuters said that no information is shared by Maduro about the pre-sale who have invested in it and directly unveiled the final outcome on the national broadcast. This clears that Maduro hit bullish observation on the initiative, which he disclosed in December with an aim to avoid the sanction imposed on it by the United States Government.

He further adds that now the cryptocurrency sale was born in the market that holds a potential to compete with Superman in term of popularity and speed”. AP cited his announcement as,” We has taken the biggest step of the 21 st century, which will change which are prevailing around”.

On Tuesday pre-sale was launched and this will last into the coming month. Coindesk reported the previous conversation and claim of Venezuelan government that petro token will tie to the market price and backed by a barrel of oil from the yesterday.

Yet there is some question which is yet to be answered like which network token will operate it, according to the document released in this context highlights that the ethereum network will work on it. While for the buyer’s guide the blockchain system commonly known as NEM will cite as an alternative.

Aside from the conflicting detail, Venezuela is planning to represent itself as a country which owns a cryptocurrency. This cryptocurrency sale story has grabbed all possible headline of the world, have been criticised and rejected by the politicians not only in inside South American country but also outside.

Critics including the opposition Congress party have gained another chance to attack this plan. As everybody knows cryptocurrency is illegal moreover an appealing instrument of corruption. For more Senators from the USA also raised a concern about the plan of sanction the use of cryptocurrency. Besides, it is yet to determine how this plan will actually take place in reality.



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