Home / Weekly News / Venezuela Says Its Cryptocurrency Raised $735 Million — But It’s a Farce
Venezuela Says Its Cryptocurrency Raised $735 Million -- But It's a Farce
Nicolas Maduro, Venezuela's president, speaks during the Petro cryptocurrency launch event in Caracas, Venezuela, on Tuesday, Feb. 20, 2018. Maduro launched Petro to use as a new alternative payment system amid hyperinflation and the eroding bolivar. Photographer: Wil Riera/Bloomberg via Getty Images

Venezuela Says Its Cryptocurrency Raised $735 Million — But It’s a Farce

Venezuelan President Nicolás Maduro claims a new state-sponsored cryptocurrency called the petro raised $735 million on Tuesday—its first day on sale. But the government hasn’t provided any way to independently verify that $735 million figure. And there’s reason to doubt almost everything the Venezuelan government has said about the project.

Venezuela hopes to sell 82 million units of petro in a two-phase process. The first phase, which officially started on Tuesday, is a pre-sale. In this phase, people can supposedly purchase tokens representing 38.4 million petro ahead of the official launch of the petro blockchain. Read more

News source: https://arstechnica.com/tech-policy/2018/02/venezuela-says-its-cryptocurrency-raised-735-million-but-its-a-farce/

Find new and coming technologies at our site: http://comingtechs.com. Please subscribe our news form and add RSS to your favorite news reader.

About newsdesk

At ComingTechs, we highlight new technological discoveries and share their success stories via our online platform. Additionally, our platform serves as a bridge to help the scientist and technologist build the strategy, and offers a method to bring their discoveries to the market and society.

Check Also

SXSW was all about blockchain dreamers

SXSW was all about blockchain dreamers

This year’s SXSW was all about blockchain dreamers, cryptocurrency scammers, and everything in between The …

WP2FB Auto Publish Powered By : XYZScripts.com
Skip to toolbar