Venezuela Launches The ‘Petro’ Cryptocurrency

The new Venezuelan cryptocurrency the Petro logo is seen as Minister for University Education, Science and Technology Hugbel Roa talks to the media during a news conference in Caracas, Venezuela, January 31, 2018. REUTERS/Marco Bello

Reuters: Venezuela cryptocurrency to draw investment from Turkey, Qatar-official

CARACAS (Reuters) - Venezuela’s new “petro” cryptocurrency will attract investments from Turkey, Qatar, the United States and Europe, the country’s cryptocurrency regulator said on Friday.

The government of President Nicolas Maduro, which says the petro will help skirt financial sanctions by Washington, has scheduled the first petros sale for Tuesday.

Skeptics say that concerns about Venezuela’s financial solvency will likely limit investor interest, while the U.S. Treasury Department has warned the petro may violate sanctions against the OPEC nation.

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Update: Venezuela launches the ‘petro,’ its cryptocurrency (Washington Post)

WNU Editor: This is the golden rule when it comes to investing. Is the product sound .... cryptocurrencies are hot right now, and there are many who are interested in investing. What are the conditions behind the sale .... in this case there is a 60% discount .... that is excellent ... too good to be true. The third rule (and most important one) is to look at the people .... in this case it is the same government that wrecked the Venezuelan economy who are now pushing this product. Oh! Oh! Investor beware!

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