The Venezuelan oil-backed cryptocurrency, Petro, has seen criticism from across the board, whether it is from within the country or from other governments such as the U.S.
However, that has not stopped President Nicolas Maduro from boasting about the success of the government issued cryptocurrency that had been created by him in order for Venezuela to sneak past the latest U.S. sanctions that were imposed on Venezuela last year.
President Maduro had earlier claimed that Petro’s pre-sale had raised more than $735 million within a single day, and he recently upped that claim by mentioning that the pre-sale raised $5 billion, with over 186,000 verified purchases.
However, much like the previous claim, the announcement came without any proof to back the claim. A concern which is being shared by many across the board even the congress of the country, who is very suspect of the coin.
The Petro was brought about by the Venezuelan government once its lethargic Bolivar failed to meet the needs of the country’s citizens, and had them turn towards cryptocurrencies such as Bitcoin. Seeing the eagerness of the public, Venezuela curbed the growth of existing cryptocurrencies within the country and then went on to issue Petro to use it as a solution to the problems that the country faces at the moment.