Venezuela's President May Have Falsified Information about the Petro

2018/03/27/3/nicolas-maduro-3-760x400.jpg

Venezuela's token El Petro, the world's first state cryptocurrency, would have increased $ 5 billion in its first currency offer (ICO), according to Venezuelan President Nicolás Maduro. But upon a review of this claim CCN and Criptomoedas Fácil, the amounts announced by Maduro have great chances of being false given that the declared value is impossible to have been gathered.

According to the whitepaper on the official website of this initiative,   just 38,400,000 tokens were on offer worth $ 60 each token (not counting the reduction of 60% announced by the government in this phase). Crunching the numbers,  the maximum the government could raise would be $ 2.304 billion, not counting the discount. If Maduro tells the truth in his statement, he does not tell the truth in the official record of the project and in all previous announcements made by the president himself. After all, according to a new statement published,  all tokens were sold at 46% off the formally amount declared (not counting the reductions).

The news creates another contradiction in the Venezuelan initiative, which already faces countless biased views. The Venezuelan Congress has announced that the currency is illegal and unconstitutional and that the country's National Assembly has also recently condemned the subway  as a fraud and a threat to its potential investors. On the other hand, major credit bureau Dagong that is Chinese had better things to say about the petro.

The Venezuelan president clarified that after completing the 30 days of the pre-sale, there were two hundred thousand nine hundred and twenty seven (200,927) offers of intent to purchase were obtained from Petro, by 133 nations.

According to Russian book  TASS, Artyom Kozhin, deputy director of the Information and Press Department of the Russian Ministry of Foreign Affairs, dismissed Time Magazine's report as fake newsand stressed that there is no involvement of Russian officials with the Venezuelan job.

«During the meeting held on February 21, 2018, in Moscow, Venezuelan Minister of Economy and Finance, [Simon] Zerpa, delivered a booklet on the crypto-coins to Russia, exclusively for the purpose of telling Russian partners about the project, » the official revealed, insisting that Russia was not involved in the petro while confirming that the official had shared details of the cryptocurrency.

TASS also reported that Maduro searched a range of trading partners for the Petro, including the Russian ruble, Turkish lira, euros, and the yuan. Investors will have the ability to trade those currencies on Friday, he said, though it is unclear where they'll have the ability to do so. Venezuela has not ruled on the subject.

The much-publicized Time article, now discredited by the Russian government, claimed Russian officials and Kremlin-connected entrepreneurs aided the Venezuelan government launching Petro, «In other words, Petro was, in fact, a collaboration — a joint venture half-hidden between Venezuelan and Russian governments and businessmen whose goal was to erode the power of US sanctions.»