• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
Buy Neo Pepe
No Result
View All Result
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Trump Linked Firm Trims Stake in Major Crypto Venture, Big Sell-Off Ahead?
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Trump Linked Firm Trims Stake in Major Crypto Venture, Big Sell-Off Ahead?

Venezuela Sold $5 Billion in Petro Cryptocurrency, Claims President

Adam James
by Adam James
7 years ago
·
Posted in Altcoin News, Altcoins, Emerging Markets, News, News teaser
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Venezuelan President Nicholas Maduro has claimed the successful launch and sale of Petro — the first ever state-issued cryptocurrency.


Petro Cryptocurrency Sale Reportedly Tops $5 Billion

Petro is the first cryptocurrency which is purportedly backed by natural resources. According to Venezuelan President Nicholas Maduro, the sale of his pet cryptocurrency has raked in over five billion dollars during its pre-sale period.

The cryptocurrency has also reportedly received 186,000 certified purchases. If true, Petro could potentially be viewed as a successful circumvention of aggressive international sanctions.

Of course, Petro’s facts and figures aren’t particularly convincing, given that the announcement was made by Maduro to members of the United Socialist Part of Venezuela — during which time the controversial figure also claimed that all revenue from the sale of the cryptocurrency would go to the service of “everything out country needs.”

Maduro also stated that the revenue generated by Petro is part of a broader solution to the country’s extreme economic woes.

As reported by TeleSUR, the data, which supposedly proves Petro’s success, comes directly from Carlos Vargas, Venezuela’s Superintendent of Cryptocurrency and Related Activities. Vargas’ data concludes that 83,000 individuals in 127 countries have bought into Venezuela’s cryptocurrency — which is odd, given that Petro can reportedly only be used for the payment of Venezuelan taxes.

Petro was made available for purchase during its presale on Feb. 20. It is primarily being used to circumvent economic sanctions spearheaded by the United States.

Americans Not Allowed

Those looking to invest in Petro from the United States might find themselves in legal trouble.

Crude Oil to Support Venezuela’s Petro Cryptocurrency

The U.S. Treasury Department has claimed that the Venezuelan cryptocurrency is essentially “an extension of credit to the Venezuelan government,” which is strictly forbidden under U.S. sanctions. The U.S. Treasury Department also noted that:

U.S. persons that deal in the prospective Venezuelan digital currency may be exposed to U.S. sanctions risk.

Meanwhile, Venezuela maintains its position as the most miserable country on the planet, as severe food shortages, hyperinflation and unemployment devastate a country already dealing with human rights abuses.

What do you think of Petro? Do you think these statistics are true, or merely products of the country’s propaganda machine? Let us know in the comments below!


Images courtesy of Shutterstock, Wikipedia Commons

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Adam James

Adam James

Follow

Adam James lives in Budapest and is the Managing Editor of Bitcoinist.com. He digs Gibson guitars that sound like Tyrannosauruses, Romantic & Victorian poetry, Franco-era Spanish films, LPs, Chelsea FC, Bob Dylan, Pilot G2 10s, black coffee, video games, and cryptocurrency.

Full Profile

Related Posts

Trump

Trump Hails GENIUS Act As The Key To US Digital Asset Supremacy

1 day ago
Altcoin

Analyst Calls Start Of Altcoin Season Amid Deviation Of Cyclical Lows – Details

1 day ago
Internet Computer

Internet Computer (ICP) Beats ETH, ADA To Claim Top Spot In Key Metric

3 days ago
Altcoin

Altcoin Market Set For Massive Surge In Coming Months – Is Altseason Finally Here?

4 days ago
Altcoin

Altcoin Chart Transitions From Bearish To Bullish, Is It Time For Alt Season?

4 days ago
Altcoin

Altcoins Set To Outperform Bitcoin In The Coming Months — Blockchain Firm Explains Why

6 days ago
Please login to join discussion

Premium Sponsors

Press Releases

  • Bitget Partners with MotoGP for a High-Speed Collision of...

    3 hours ago
  • The truth behind the XRP plunge! ETHRANSACTION’s...

    6 hours ago
  • Cloud Mining

    Top 10 Cloud Mining Companies for Bitcoin in 2025 –...

    9 hours ago
  • Aster launches Hidden Orders: Invisible orders, visible...

    10 hours ago
  • Keep up with the SOL ecological trend, OPTO Miner cloud...

    17 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Buy Neo Pepe

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.