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Would you like to invest in Venezuelan cryptocurrency?

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Tomorrow Venezuela begins to pre-sale its genuine digital currency called “petro”. Thus, the country desperately tries to attract foreign investors and bypass global sanctions. The authorities assure that country’s most precious resources will back the cryptocurrency-to-be. In addition, petro token will not be tied to bolivar that has inflated by over 4000%. Moreover, the government is convinced that investments will come not only from Middle Eastern or Asian jurisdictions but from the USA and EU as well. Meanwhile, the latter continue imposing sanctions on Venezuela’s authoritarian regime.

The oil output has significantly dropped and most investors will most likely avoid dealing with such a risky venture. However, petro can become a mean of conducting transactions regardless of world sanctions. Moreover, other countries facing sanctions might appreciate the idea. Maybe Russia will become the next country to become involved in the ICO on a state level.

The news might be just a part of Venezuelan propaganda and petro might never really emerge. Nevertheless, the idea is far from absurd. Some developed countries have been already elaborating digital substitutions for its national currencies. Sweden, Japan, Estonia, Singapore have been contemplating over the introduction of digital currencies along with common hard ones.

Source: cnbc.com

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