Bitcoin, Cryptocurrency And Blockchain News

President Maduro: Petro Has Raised 3 Billion Dollars From 127 Countries


The Venezuelan President has announced that the nation’s cryptocurrency, Petro, has received 171,015 certified purchases. In a report appearing in the country’s Vice President’s website, 40.8% has been offered in dollars, 6.5% in euros, 18.4% in Ethereum, 33.8% in Bitcoin and 0.2% in Yuan.

About 87,284 users made offers to acquire petros, of which 3,523 are companies and 83,761 people…127 countries have participated at the moment,

-Read part of the report.

The state-backed newspaper, Correo del Orinoco, named several countries whose governments have participated in the sale of the Petro so far. One of the countries named was Poland. However, the Polish foreign affairs minister was quick to refute the country’s participation. Similarly, Russian foreign affairs official, Alexander Shchetinin, told reporters that the Petro should be studied carefully it started being used in Russia. In the meantime a Russian startup, Zeus, has claimed that it helped Venezuela with the development and launch of the Petro.

Pre-sale to Last for 30 Days

The Venezuelan government announced the beginning of the pre-sale period for the oil-backed cryptocurrency on February 20th. President Maduro announced that $735 million had been raised in the first day. The Venezuelan minister for education, science and technology clarified that the pre-sale would take place for 30 days. The minister said,

After the pre-sale, [there will be] the sale of the digital asset [petro], which will last 15 days

He added, “After 45 days for the two processes, we will start with great force to consolidate the entire exchange subsystem of the Petro,” [translation]

Bitcoin News reports that the country’s state owned radio station, Radio Mundial, has said that about 2 billion dollars has been raised in the seven days since the launch of the Petro. According to president Maduro, the money raised will be used to address the country’s financial needs. In the recent past, Venezuela has been grappling with unprecedented levels of inflation, which was the reason that the government launched the Petro cryptocurrency.

Do you believe President’s Maduro’s claims that the Petro has so far raised $3 billion from investors in 127 countries or is it just hype? Leave us your thoughts in the comments section