The First Public Offering Of Venezuelan Cryptocurrency

The general population offer of the Venezuelan digital currency “Petro” began its inning on March 21 as uncovered by Hugbel Roa, the Minister of University Education, Science, and Technology. Roa posted on his Twitter account “Let’s go Venezuela and the world … The ICO Petro has already started.”

Only a day prior to people in public offer of the Petro began, its initial presale of more than 82 million Petro units marked its completion, which as indicated by the official figures generated about $5 billion USD from February 20 to March 20.

The technical paper of Petro uncovers that 44% of the aggregate 82.4 million Petros would be up for private presale and ICO and 38.4% for private sale.

According to the experts, 127 nations altogether have indicated enthusiasm for Petro that incorporates Russia, the US, South Korea, Brazil, Argentina, China, Japan, Bolivia, Spain, and Afghanistan.

Only a day prior to people in public offer of “Petro” began, US President Donald Trump restricted the US purchase of this digital currency.

Trump issued an official order that bans “all transactions related to, provision of financing for, and other dealings in, by a United States person or within the United States, any digital currency, digital coin, or digital token”. He additionally portrayed “Petro” as an “attempt to circumvent US sanctions” on Venezuela’s part.

In light of US govt. ban, the Venezuelan government alluded to it as “gross meddling” while emphasizing that it will proceed with its endeavors to make Petro coin the world’s most reliable and strong digital currency and advancing the blockchain technology.

Since Petro’s inception, this oil-back digital currency has been encompassed by confusion and doubt that influenced the potential investors to scrutinize this ICO. The failing economy of the nation doesn’t do anything good for its credibility.