President Maduro: We Raised $735 Million in the First Day of El Petro Pre-Sale

February 21, 2018

President of Venezuela Nicolas Maduro claimed that the country raised $735 million in the the first day of presale of the national cryptocurrency El Petro. He said this in his Twitter.

Maduro tweeted that the launch of the national cryptocurrency "reaffirms our economic sovereignty." It should be noted that the president has not provided any evidence that Venezuela managed to raise this exact amount.

El Petro is the first ever cryptocurrency issued and backed by the state. It was announced in December last year by Nicolas Maduro. More details had been appearing in the following months: each El Petro token is backed with one barrel of Venezuelan crude oil and the national hyperinflating currency of the country, bolivar, is not accepted nor in the presale, neither in the sale. 

It is also worth noting that the release of El Petro raised a lot of doubts and criticism, and the opposition parliament of Venezuela even called it 'illegal and unconstitutional'. In addition, if one tries to understand the real reasons for creating this cryptocurrency, they might seem different that the ones announced by President Maduro.

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