The Confusion Surrounding Venezuela’s ‘Petro’ Token Blockchain

As recently covered by CCN, Venezuela’s Petro (PTR) oil-backed cryptocurrency is now being sold to investors in its pre-sale
stage. Venezuelan leader Nicolás Maduro has stated that the government already netted $735 million from the token’ sale,
without backing his claim with any evidence. The Petro is set to be used to pay taxes, fees, and other public needs, as well
as in international deals, particularly those related to oil. 84.2 billion tokens will be disbursed, out of the 100 million
ordered by Maduro. The country’s opposition-run congress has criticized the cryptocurrency’s sale as an “illegal and
unconstitutional” instrument to illegally mortgage the country’s oil reserves, yet investors are still seemingly pouring in.
Earlier this month, citing the project’s whitepaper, CCN reported that the Petro is an Ethereum-based ERC-20 token that’s set
to have a private presale. According to the whitepaper found on the project’s official website, hosted by the country’s
Ministerio del Poder Popular para Educacion Universitaria, Ciencia e Tecnologia (MPPEUCT), that report was correct.

Reference: https://www.ccn.com/eth-nem-confusion-surrounding-venezuelas-petro-token-blockchain/

Venezuela Announces New ‘Petro Gold’ Cryptocurrency

Venezuelan leader Nicolás Maduro has recently announced that within one week, the county is going to launch a new
cryptocurrency, the Petro Gold. The cryptocurrency, according to local news source Telesur, will be backed by precious
metals. Notably, Maduro’s announcement was made Wednesday (Feb. 21), one day after Venezuela launched its oil-backed
cryptocurrency, the Petro. As covered by CCN, the Petro (PTR) was announced back in December, as a way for the country to
bypass sanctions and fight an “economic war” with the United States. The Petro’s pre-sale is currently ongoing, and according
to Maduro it’s already netted $735 million, although he didn’t back this claim with any evidence. Shortly after the Petro was
announced, Venezuela’s opposition-run congress criticized the cryptocurrency’s sale, as an “illegal and unconstitutional”
instrument to mortgage the country’s oil reserves. The US warned that citizens who bought the cryptocurrency could be
violating the sanctions, while investors voiced concerns over Venezuela’s solvency and transparency.

Reference: https://www.ccn.com/venezuela-announces-new-petro-gold-cryptocurrency-one-day-after-launching-the-petro/