Venezuela's cryptocurrency raises $735m in first day

According to reports, the move is aimed at pulling out the country from the economic tailspin.

Even the country's Parliament questioned the crypto move, and termed the currency illegal and unconstitutional.

Wednesday's study flagged Venezuelans' deteriorating diets, which are deficient in vitamins and protein, as currency controls restrict food imports, hyperinflation eats into salaries, and people line up for hours to buy basics like flour. The bolivar currency is now has plunged to record lows and is struggling with hyperinflation and collapsing socialist economy.

The head of state did not give details of the original investors, and no evidence was provided for his statement about the amount raised.

Speaking at the launch on Tuesday, Maduro claimed that the currency is meant to help solve his country's grave economic problems.

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The petro is not likely to attract significant investment, according to blockchain experts.

Maduro made this comment about the Petro: "a cryptocurrency is being born that can take on Superman". One thing we do know now is that the Petro is supposed to be backed by the country's oil, gas, gold and diamond riches.

"My advice would be to tread very carefully with this - especially considering the track record of the Venezuelan government", said Federico Bond, co-founder of Signatura, a digital currency startup based in Argentina. The price of one Petro will be about 60 United States dollars, as is now worth a barrel of Venezuelan oil.

A Buyer's Manual has been published by the government explaining how the Petro can be bought and stored in the wallet that has been developed for the token.

Though the government move attracted criticisms within the country and outside, the establishment was not anxious about it.

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Petro has reportedly got off to a healthy start with $735 million worth of "intent to buy".

Last week, Venezuelan Cryptocurrency Superintendent Carlos Vargas said the government was expecting to attract investors from Turkey, Qatar, the USA and Europe, Reuters reported. In total, the government will issue 82.4 million Petros. However, during his recent evening address, Maduro did not reveal any new price information.

Without the participation of the Democratic Unity Roundtable, or MUD as it's known by its Spanish abbreviation, President Nicolas Maduro is set to sweep the election despite worldwide outcry over his decision to hold a snap vote.

Venezuela was in trouble long before President Donald Trump imposed sanctions. The sanctions will also outlaw businesses that deal with the Venezuelan president Mr.

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