Venezuela Claims To Have Pre-Sold $735 Million of Petro Cryptocurrency

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Venezuela Claims To Have Pre-Sold $735 Million of Petro Cryptocurrency

The Venezuelan government has entered the cryptocurrency industry, claiming that their digital money, known as the petro, has already made an impression. According to the government, the pre-sale of the petrodrew $735 million in investments on the first day.

According to Bitcoin.com, the government also produced a buyer’s handbook and said that investors may acquire petros using both “hard currency and cryptocurrencies, but not bolivars.”

Pre-Sale Began February 20

According to the cryptocurrency whitepaper, the petro pre-sale was supposed to commence at 4:00 a.m. UTC on February 20 as a private sale. However, some hours before the official start time, the Venezuelan government stated that the pre-sale had already begun, along with the release of a buyer’s handbook and an anti-money laundering compliance document.

82.4 million petro tokens will be made available to investors worldwide during the pre-sale. “The petro cryptocurrency tokens may be acquired by Venezuelan residents as well as other foreign nationals,” according to Venezuela’s vice president, Tareck El Aissami.

However, the country’s Superintendent of Cryptocurrencies, Carlos Vargas, said that sales would not be conducted in bolivars since the government’s role was to “place [the petro] in the best hands” in order to enable the establishment of a secondary market.

$735 Million In Spite of Glitches?

Venezuelan President Nicolas Maduro said that the government “got $735 million on the first day of a pre-sale” for the digital currency. However, there have been complaints of technical troubles with the petro purchasing process, including a Javascript fault that has apparently stopped buyers from completing their orders. (See also: Venezuela’s Petro Isn’t Backed by Oil.) It’s even not a cryptocurrency.)

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The petro cryptocurrency website claims that “The sole need for the petro is the creation of a digital petro wallet. When you open your wallet, it will provide an email address that you may share with anybody who wants to send PTR to you.”

Despite the fact that the buyer’s handbook details how the Venezuelan government intends to safeguard petro investors against hacking and theft, observers outside the nation remain skeptical, especially in light of recent high-profile cyberattacks in Japan. (See also: Coincheck May Have Sustained the Worst Cryptocurrency Hack in History.)

Investing in cryptocurrencies and other Initial Coin Offerings (“ICOs”) is very dangerous and speculative, and this article is not a suggestion byInvestopedia or the author to do so. Because every person’s circumstance is different, a knowledgeable specialist should always be contacted before making any financial choices. Investopedia makes no guarantees or warranties about the accuracy or timeliness of the information provided on this site. The author owns cryptocurrencies as of the day this post was published.

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