Venezuela has officially launched its own digital currency to become the first country with its own oil-backed cryptocurrency. The introduction proved to be a huge success.
The crypto-currency will be traded at the secondary market both at home and abroad starting from April 2018. However, official figures released this week showed it was already being welcomed by many investors.
President Nicolas Maduro said preliminary sales of Venezuelan cryptocurrency – named ‘Petro’ – had already reached 735 million US Dollars.
The social democratic government in Caracas already saw the intentions to buy Petro worth 4.77 billion Yuan, which equals 596 million Euros, or 735 million US Dollars,” Maduro was quoted as saying during a ceremony to present Petro.
The Petro reinforces the country’s independence and economic sovereignty and will allow us to fight the greed of foreign powers that try to suffocate Venezuelan families to seize our oil.
Sales of the digital currency – which Venezuela hopes would enable it to dodge the impacts of US-led financial sanctions – could reach 100 million Petros, with an initial value set at $60, given the price of a barrel of Venezuelan crude oil as of mid-January.
A white paper issued by the Venezuelan government, 38 million Petros would be pre-sold from Feb 20 to March 19, 44 million since March 20, and the remaining 18 million to be held by the managing authorities established by the government.
Now that the cryptocurrency is being born, it that can take on and could bypass the US financial system, including the IMF, to avoid the fascist sanction meant to destroy the Venezuelan economy.
Venezuela has taken a giant step into the 21st Century. We are on the world’s technological vanguard, which puts the oil-rich country on the world’s technological forefront.
ABC / AA Magnum Analyst News 2018.