Petro "makes" US$735 million, Seagal lags behind

Nicolas_Maduro_February_2017

Nicolas_Maduro_February_2017

However, the president's statement has not been backed up with evidence, suggesting that he is simply trying to drum up business by making the Petro look like a must-have investment whilst the opportunity remains.

Officials say the so-called petro is backed by Venezuela's crude oil reserves, the largest in the world. There is the opportunity for ICO-period investors to be involved in a four-level commission structure, but that looks nothing like a pyramid.

The announcment came as President Nicolas Maduro called snap legislative elections in Venezuela on Wednesday to coincide with the vote.

The President of Venezuela, Nicolas Maduro has taken this step with the hope that it will allow the ailing OPEC nation to ignore the USA sanctions.

The petro will not be a token on the Ethereum network, as was previously disclosed in a whitepaper provided by the government.

Washington has past year levied sanctions, blocking USA banks and investors from acquiring newly issued Venezuelan debt.

Hamas denies United States accusations on Gaza misery
Israeli air forces conducted airstrikes on agricultural lands east of Rafah City in the southern Gaza Strip on Monday at dawn . Later on Saturday, terrorists launched a rocket at an Israeli border community, causing damage to a house but no injuries.

Venezuela's Communications and Information Minister Jorge Rodriguez said later that after the two sides agreed on all the points, the opposition changed its stance because of "interference of other side". "We are in the technological and economic vanguard to overcome the speculation of worldwide currencies that affect the lives of Venezuelans". He's authorized payments in cryptocurrency for Venezuela's consulate services and fuel on the border, reportedly saying, it is just the "kryptonite" Venezuela needs to take on Superman, which observers say is code for taking on the U.S.

Bitcoin and other digital tokens are already widely used in Venezuela as a hedge against hyperinflation and an easy-to-use mechanism for paying for everything from doctors*visits to honeymoons in a country where obtaining hard currency requires transactions in the illegal black market.

In the first year, the Venezuelan government will release 100 million petros, according to the AP report. However, critics claim that this is nothing but a desperate effort made by Caracas to raise cash.

Venezuela now has one of the highest inflation in the world.

It's the claim that USA investors are among the Petro buyers that is raising eyebrows. The US Treasury Department has warned it may violate sanctions levied previous year. Because of that, it could expose USA citizens to legal risks.

The government did not respond to a request for comments on the study, but its supporters often accuse academics of exaggerating data and being in league with the opposition.

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