Venezuelan President Claims Petro Pre-Sale Raked in $5 Billion

Venezuelan President Nicolás Maduro claimed the pre-sale of the country’s oil-backed cryptocurrency, the Petro (PTR), has raised $5 billion and recorded over 186,000 certified purchases, according to local news source TeleSUR. The announcement came during a meeting with members of the United Socialist Party of Venezuela (PSUV), in Caracas.

During the meeting, Maduro explained that the money raised from the cryptocurrency’s pre-sale will be used to “service everything our country needs.” Per his words, the money is part of a wider “economic solution” the Venezuelan government put together.

Additionally Carlos Vargas, the country’s cryptocurrency superintendent, revealed that over 83,000 individuals from 127 countries attempted to purchase the oil-backed cryptocurrency. Among them, were 3,523 entrepreneurs. As previously covered by CCN, the country had received 171,000 pre-registrations for the token sale, and Maduro claimed it raised $735 million in only a day.

The Petro was created as a way to bypass US sanctions, while Venezuela deals with a steep recession, that’s forced its citizens to rely on cryptocurrencies to survive. While Maduro’s words seem to show the Petro’s pre-sale has been a tremendous success, there’s little to no evidence pointing that out…

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