Venezuela raises $735 million in ICO with ‘petro’ cryptocurrency shitcoin

Venezuela petro dollar raises $735 million in dodgey scam ICO launch

How do we save our dying government? Launch an ICO!

The government of Venezuela has rolled out plans for the release of its own ‘petro’ cryptocurrency. The oil-backed token is to be a form of legal tender – used to pay taxes, fees and other public needs.

The token is said to have already raised over $735 million in its presale.

“Our goal is to create the biggest shitcoin of them all. Which isn’t an easy task, have you seen Tron!?”

'The petro is born': Venezuela launches its cryptocurrency


The government hopes to circumvent US financial sanctions and resurrect the country’s moribund economy – but is it ethical?Β Each unit of the petro is pegged to the price of one barrel of Venezuelan oil according to Caracas. Tether, anyone?

Wait, Ethereum or NEM?

The petro whitepaper had stated plans to be launched as an Ethereum token, but reports say the final product was actually launched on NEM.

It’s the first digital currency to be issued by a federal government – and although more than 100 million petros are expected to be released ultimately, only 82.4 million will be disbursed initially.

The whole affair has been met with much criticism from the crypto community, with questions regarding supply, utility, and whether or not this is just a blatant cash grab. How decentralized can this actually be?