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  • Venezuela says will pre-sell 'petro' cryptocurrency on Feb. 20

    A pre-sale of Venezuela's new "petro" cryptocurrency will begin on Feb. 20, President Nicolas Maduro said on Tuesday, a move that the government hopes will help pull the country out of a dire economic crisis. Maduro has previously said Venezuela will issue 100 million tokens, each valued at — and backed by — the equivalent of one barrel of Venezuelan crude. That would put the value of the entire petro issuance at just over $6 billion. "All the cryptocurrencies of the world have been revalued after Venezuela's announcements about the creation of the petro," said Maduro in a speech broadcast on state television. The government has said that the petro issue will help the cash-strapped country make financial transactions and overcome U.S. sanctions against Maduro's socialist government.

    | CNBC Finance | Federico Parra | 4 min read

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    Venezuela Aims to Overcome US Sanctions with Oil-Backed Cryptocurrency

    HOME | Venezuela (Click here for more Venezuela news)Venezuela Aims to Overcome US Sanctions with Oil-Backed CryptocurrencyCARACAS – Venezuela’s government is looking to overcome harsh sanctions imposed by the United States through the creation of the “petro” cryptocurrency, whose pre-sale will begin next month, officials said on Wednesday. Roa said the petro was “a strong currency that will ... break that whole chain of attacks” on Venezuela’s physical currency, the bolivar, whose spending power has collapsed amid a broader economic crisis. Maduro announced Tuesday that the pre-sale of the petro, which will be backed by Venezuela’s world’s-largest oil reserves, as well as reserves of gold and other minerals, would begin on Feb. 20. Four days later, Venezuelan opposition lawmaker Jorge Millan said the government was “illegally trying to compromise” the country’s oil reserves and that Maduro’s announcement amounted to “new borrowing” by the government, which is struggling to avoid defaulting on its heavy debt burden. from the Latin American Herald Tribune:

    Latin American Herald Tribune | 19 min read