Cryptocurrency Venezuela 'Petro' Translucent $735 Million

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President Nicolas Maduro said that Venezuela had received $ 735 million on the first day of the nation's initial "national" cryptocurrency sale aimed at pulling the country out of the economic path.

Maduro hopes 'petro' will allow OPEC members who are 'sick' to fight U.S. sanctions. as the bolivar currency slumped to a record low and continued to struggle against hyperinflation and economic conditions from a collapsing socialist state.

Blockchain experts have warned if petro is unlikely to attract significant investment. The Venezuelan opposition leader declared if the sale was an illegal debt issuance of the Venezuelan opposition legislature, and the US Treasury had warned that it might violate the sanctions imposed last year.

Maduro did not provide details about the initial investor and there was no evidence related to his statement. Maduro also added, where tourism, some fuel stations and some oil transactions can be done with petro.

"Today, a born cryptocurrency can bring Superman," said Maduro, using comic characters to refer to the United States, as he is flanked by a mining rig on a government television address.

The official Petro Venezuela website publishes a guide for setting up a virtual purse to store cryptocurrency. Cryptocurrency Petro will be open for public next month. Venezuela's cryptocurrency observer Carlos Vargas last week said the government expects to attract investment from investors in Turkey, Qatar, the United States and Europe.

The overall value of petro publication 100 million tokens will reach more than $ 6 billion, according to details provided by Maduro in recent months, although no new price information is provided on Tuesday (20/2/2018). Each token will be assessed and supported by a barrel of Venezuela's crude oil, bright Maduro.

Counselors who worked for the government in the past recommended that 38.4 percent of petro be sold in private auctions at 60 percent discount. Maduro also stated that his government was the victim of an "economic war" led by an opposition politician with the help of Donald Trump's government.

Sanctions imposed last year by Washington blocked U.S. banks and investors. from acquiring newly-released Venezuelan debt, effectively preventing the country from borrowing abroad to bring in new currencies or refinance existing debts.