President Claims 'Petro' Has Got 171,000 Pre-registrations


The initial coin offering (ICO) presale for Venezuela's high-profile 'Petro' cryptocurrency was a resounding success — at least based on state-run media outlets.

Venezuela Claims 'Petro' Cryptocurrency Has Received 171,000 Intents to Contribute

On Monday, Nicolas Maduro announced through the official presidential Twitter accounts that more than 171,000 people and companies needed pre-registered for the Petro presale, which opened last week.

According to the government, 40.8 percent of contributors intend to complete the transaction with USD, while another 6.5 percent will make their purchase with EUR. Bitcoin and Ethereum are also prominent, accounting for 33.8 percent and 18.4 percent of all pre-registrations, respectively.

Astute observers will notice that those figures add up to just 99.5 percent, but the authorities didn't explain this discrepancy.

Notably absent from the list of accepted currencies is the bolivar — Venezuela's hyperinflated fiat money that's on the brink of absolute collapse.

The authorities also said that 3,523 firms had registered to purchase the Petro.

As CCN has reported, the token sale for the supposedly oil-backed Petro has been fraught with problems, and even though the government claims that the ICO presale increased $735 million in its first day, most observers believe this number is a pure fabrication.

Indeed, despite these grand claims about the Petro's victory, Venezuela has yet to name any of the contributors, and a NEM wallet believed to belong to the government has yet to distribute any of the 100 million Petro tokens available in the presale.

Venezuela Turns to Petro to Evade US Sanctions

Nevertheless, Venezuela continues to laud the Petro as a tool to evade economic sanctions levied against the nation by the united states, which — assuming that the presale figures are incorrect — is likely why the government has listed USD since the most-used currency among ICO contributors.

Venezuela has even said that it plans to launch another state-backed cryptocurrency — Petro Gold — even though it has not disclosed when this token will be released.

Several other countries facing international sanctions have considered adopting government-sponsored cryptocurrencies as well. Russia, whose relationship with the US continues to worse, is likely to launch a «CryptoRuble,» while both Iran and Turkey have discussed similar plans lately.