Venezuela launches cryptocurrency called Petro


The launch on Tuesday comes amid a deep economic crisis and a crackdown on democratic freedoms that have left President Nicolás Maduro's socialist government politically isolated and cut off from most worldwide financing. There are now 82 million tokens available, which the government plans to follow with an initial coin offering (ICO) launch in a month.

At the same time, many analysts comment that the Petro may quickly become "a shitcoin" - digital currencies that become worthless over time or are considered scams, despite the claims it is backed by tangible assets like oil, gold and diamonds.

The leftist Caracas government put 38.4 million units of the world's first state-backed digital currency, the Petro, on private pre-sale from the early hours. The maximum price of the Venezuelan cryptocurrency will determine market conditions.

The rest of the coins, of which there are 100 million total, will go on sale next month.

Some investors say it's innovative nonetheless, and could draw investment from Middle East, Europe and Asia. But with access limited to those who acquire a Petro wallet, no guarantee of the Petro's acceptance in other crypto and financial markets, and the currency's inability to transfer into Venezuela's own Bolivar, it's unclear how citizens could come to use and benefit from it in everyday life.

Russian President Vladimir Putin is also considering introducing a "cryptorouble" to get around global sanctions.

"This is a decision for the National Constituent Assembly", Cabello said.

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"May Colombia understand that here we are going to fight and resist".

The Petro, which Venezuela touts as the first cryptocurrency issued by a country, is now launching in pre-sale as a means to "boost monetary sovereignty", while many analysts think it is just a desperate attempt to skirt USA financial sanctions. The announcement led to mobs outside some Caracas supermarkets creating chaos as desperate Venezuelans leapt at the chance to buy cheaper food as the country's worsening economy caused severe shortages.

It's also unclear how investors will be able to sell the petro.

Tom Gentile, America's No.1 Pattern Trader, uses stringent criteria to vet his trade recommendations - showing readers 81 triple-digit winning moves in 2017 alone. This cryptocurrency is based on the real commodity reserves - costly and reliable.

He's expecting this little-known coin's price to surge very soon - and everyone holding it beforehand could see massive profits.