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/

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