Categories: Ethereum

Venezuela Claims $735 Million Raised in First Cryptocurrency Sale

Click here to view original web page at www.coindesk.com

Venezuelan president Nicolas Maduro is claiming that the country has raised $735 million in the first day of a sale for its controversial "petro" cryptocurrency.

Announced late Tuesday night, Maduro offered no evidence to back up the claim, though the messaging notably came directly from Maduro's official Twitter account.

A grandes problemas, ¡grandes soluciones! Desde el primer minuto el juego arrancó bien, y arrancamos ganando: 4.777 millones de yuanes o 735 millones de dólares es el resultado inicial de las operaciones de intención de compra del Petro. #AlFuturoConElPetro pic.twitter.com/LoaDgj4rr1

-- Nicolás Maduro (@NicolasMaduro) February 21, 2018

Reuters and the Associated Press said that no information about who invested in the pre-sale was offered by Maduro, who unveiled the results during a national broadcast on Tuesday.

That said, Maduro struck bullish notes about the initiative, which he controversially unveiled in December with the intent of using it to circumvent sanctions imposed by the U.S. government.

"Today, a cryptocurrency is being born that can take on Superman," Maduro was quoted as saying by Reuters, referring to the U.S. by way of the comic book character. AP further cited him: "We have taken a giant step into the 21st century."

The presale was launched Tuesday and is planned to last into next month.

As CoinDesk reported previously, the Venezuelan government claims that the petro token will be backed by a single barrel of oil and tied to the market price from the previous day.

Yet questions remain about which network the token will operate within, given that one document released today highlights the ethereum network while another, constituting a buyer's guide, cites an alternative blockchain system called NEM.

Conflicting details aside, Venezuela's plan represents the first time that a country has moved to issue its own cryptocurrency. The story has grabbed global headlines and sparked rejections from politicians both inside and outside of the South American country.

Critics, including those from Venezuela's opposition-controlled Congress, have attacked the plan as an illegal act and a vehicle for corruption. Senators from the U.S. have also raised concerns about the expressed plan to avoid sanctions through the cryptocurrency's use, though how that will play out in practice remains to be seen.

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at news@coindesk.com.

Announced late Tuesday night, Maduro […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama
Tags: eth ether

Recent Posts

  • Bitcoin Business

Cardano {ADA} falters, Foundation member scheduled to speak at an event by the Bitcoin {BTC} Association

Cardano is ranked at #12, right after Stellar Lumens and above Monero on coinmarketcap. According to the latest available data,… Read More

3 hours ago
  • Bitcoin Business

How Big Hydro Power Partners With Bitcoin Miners to Prevent Energy Waste

We are often told that the verification of bitcoin transactions eats a lot of energy. The largely inaccurate comparison to… Read More

3 hours ago
  • Bitcoin Business

Bitcoin Mining Hotspot Iran Drafts Electricity Tariffs for Crypto Miners

Bitcoin mining is about to become mainstream and legal in Iran | Source: Lars Hagberg / AFP The government of… Read More

3 hours ago
  • Bitcoin Business

Ideanomics: Simply Adding Blockchain And Fintech Won’t Make It Successful

SummaryI believe that IDEX is a company without a clear identity and vision.IDEX's transition towards blockchain and fintech is bewildering.Currently,… Read More

3 hours ago
  • Bitcoin Business

Bitcoin’s Catch-22 Will Keep It From Spurring a Monetary Revolution

Over the past couple of years, there have been a number of fast-growing industries that have caught the attention of… Read More

3 hours ago
  • Bitcoin Business

Post-Halving Bitcoin to Hit $100,000 in 2020? It’s Unlikely, Data Shows

In around 300 days, Bitcoin (BTC) will experience what is known as a “halving” or “halvening”. This event, which occurs… Read More

3 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More