Venezuelan Prime Minister Nicolas Maduro announced launch of Petro in next 5 weeks. With this in the mind, Venezuelan officials were seen in Qatar with their ‘crypto superintendent’ Carlos Vargas in hope of landing the oil-rich MIddle East state as their early investors for Petro.
It is agreeable that Venezuela is luring Qatar for investing in heir cryptocurrency as they have been facing economic blockade due to sanctions imposed by United States’ presidential administrations. Qatar is facing its own economic problems by a Saudi-led coalition since mid-2016. Since then they have been making alliances elsewhere by purchasing Airbus from France, warships from italy, and F-15s from USA.
A month long ‘private pre-sale’ will begin on February 15, where Venezuelan government is hoping to raise $1.5 million. Maduro doubled down the plan to launch Petro by announcing the upcoming issuance of 100 million Petros, and each Petro to be back by Venezuela’s oil reserve.
The opposition -run Venezuelan Congress outlaw claimed that this crypto is nothing but illegally mortgaging Venezuelan oil reserves.