Venezuela Says Petro Raised $735 mln in The First Day of Pre-Sale

Venezuela Says Petro Raised $735 mln in The First Day of Pre-Sale

Just a little bit more than 24 hours ago Venezuela finally commenced the pre-sale of its state oil-backed cyber coin petro. The country’s President Nicolás Maduro claimed that this cyber coin can now “take on Superman,” adding that within the time frame there had been attracted more than $730 million. At the same time, the authorities published the guidance on how to acquire petro.

First Big Money

Following petro’s whitepaper, the special pre-sale of its tokens was supposed to begin on February 20. On this day, the Venezuelan authorities released instructions for purchasers as well as the manual on how to prevent money laundering.

Also, the document states that in general there were offered 82.4 million tokens of this cyber money for the pre-sale stage. The government once again confirmed that it was possible to purchase petro both for Venezuelans and foreigners.

At the same time, it was not applicable for purchasers to buy petro with Venezuela’s national public currency bolivar given the financial crisis in the state. However, the Superintendent of cyber assets in the country, Carlos Vargas, said that users were free to use stable currencies and virtual money as well.

At the start of the pre-sale, there were some technical errors which prevented people from finalizing their purchases. The users had to visit had to visit the Etherdelta platform to order tokens privately, but some of them noted that there was a Javascript glitch.

In spite of all the challenged, Venezuela’s president Maduro later notified that the virtual coin had raised $735 million in the initial 24 hours of the petro’s pre-sale.

Maduro’s Hope and Petro’s Controversies

As Reuters reported, the nation's public currency – bolivar – is currently plummeting to anti-records, suffering because of hyperinflation and crashing economy run by the socialist government. Therefore, Maduro believes that petro will permit the country to evade restrictions foisted on Venezuela by the American government.

Specialists on cyber assets and blockchain have already cautioned about petro’s risks. They said that the digital coin wouldn’t get enough of attention from considerable investors. In the meantime, Venezuela’s opposition claimed that the emission of petro is illegal as it dodges the country’s legislature, run by the debate. The US Treasury Department has already insisted that it is ready to toughen up the sanctions against the socialist state.

Maduro, in his turn, did not give any detailed info concerning the first petro investors. Although, he claimed that the state crypto-coin could compete with the fictional superhero, referring to the US.

“Today, a cryptocurrency is being born that can take on Superman,” said Venezuela’s leader.

Maduro also added that in petro there could be made oil operations, gasoline deals as well as tourism.

On that day the guideline for creating a crypto wallet and step-by-step instructions on how to store petro was released.

Petro is expected to be available on public sales in March 2018.