Bitcoin Watch – Venezuela to launch official cryptocurrency known as ‘petro’

20 February, 2018

Venezuela's new "petro" cryptocurrency has officially launched its sale with expectations it will attract investments from Turkey, Qatar, the United States and Europe. President Nicolas Maduro's government said the petro will help skirt financial sanctions by Washington. Venezuelan Cryptocurrency Superintendent Carlos Vargas, said: "There will be quite a few announcements about the start of the process, and there will surely be a lot of investors from Qatar, Turkey, and other parts of the Middle East, though Europeans and Americans will also participate." The US Treasury Department has warned the petro may violate sanctions against the OPEC nation, while sceptics say that concerns about Venezuela's financial solvency will likely limit investor interest.

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