Venezuela Claims $735 Million Raised in First Cryptocurrency Sale

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If Venezuelan president Nicolas Maduro is to be believed, their new “petro” currency is a huge success. According to the president’s official Twitter account, they have already raised as much as $735 million as early as the first day of its cryptocurrency’s sale. No other information was provided, however, to back up the claim.

It was in December of 2017 when Maduro first revealed their government’s plan to launch petro. The pre-sale was then launched last week and is expected to continue on until well into the next month.

“Today, a cryptocurrency is being born that can take on Superman,” Maduro was quoted by Reuters previously, with the superhero reference being made to point to the US. It’s been speculated that the petro was launched precisely to find alternative ways to go around the economic sanctions currently imposed by the US government.

Even within local politics, however, it would seem that not everyone is on board the plan, as there are members from Congress who have tagged this launch as an illegal act and is a form of corruption.

 

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