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”. Maduro made this announcement late Tuesday, sharing the claim directly from his official Twitter handle, although he presented no evidence to support it.
The Associated Press and Reuters reported that Maduro did not share any information about the pre-sale or its investors, instead directly revealing the final outcome on national television. This shows Maduro’s bullish stance on the initiative, which he announced in December to help Venezuela circumvent sanctions imposed 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”.
Petro’s Pre-Sale Raises Technical and Legal Questions
On Tuesday, the government launched the pre-sale, which will continue into the coming month. In its previous statements, the Venezuelan government claimed that the Petro token would be tied to market prices and backed by a barrel of oil starting yesterday.
Some questions still remain unanswered, such as which network the token will operate on. The released document highlights that the Ethereum network will support it, while the buyer’s guide cites the blockchain system known as NEM as an alternative.
Despite the conflicting details, Venezuela plans to position itself as a nation that owns a cryptocurrency. This cryptocurrency sale has captured global headlines and faced criticism and rejection from politicians both within South America and abroad.
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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