Venezuelan authorities: Petro has already raised $735 mln, Venezuelan citizens: this is a shady project

Nicolas Maduro’s leftist government is trying to fight the economic crisis with issuing an altcoin allegedly backed by oil. At the second day of the project’s existence, they claim that this Petro token has raised $735 mln.

While the authorities of Venezuela headed by Nicolas Maduro are very optimistic about the project, the citizens of this country who already saw the management capabilities of Maduro’s team are not.

Bitnewstoday has managed to interview one of the residents, and here’s what he said. Petro tokens may be a good idea, but its implementation requires an adequate government. They will not be popular outside Venezuela, partly thanks to the efforts of the United States government. The white paper of the project looks more like a political pamphlet than a technical explanation. And, most importantly, Maduro’s friends are in control of all issue operations, which leaves a lot of room for state-backed fraud schemes.

“I particularly think this is nothing else but what we call in Venezuela a "Chanchullo" (a slang term for a shady business, usually done with the government). This is an opportunity for Chavismo to create capital out of thin air in view of the mounting international economic sanctions they are bringing upon themselves,” told our source in Venezuela.