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Falsified Information On Petro Was Released By Venezuela’s President

March 28, 2018

Venezuela's token El Petro, the world's first nation cryptocurrency, would have raised $ 5 billion in its first money offer (ICO), according to President Nicolás Maduro. But upon a report on the assert CCN and Criptomoedas Fácil, the numbers declared by Maduro have great odds of being false since the announced value is not possible to have been gathered.


According to the whitepaper on the official website of the initiative, precisely 38,400,000 tokens were on offer value $ 60 each token (not counting the reduction of 60% announced by the authorities in this period). Crunching the numbers, the maximum the government could increase would be $ 2.304 billion, not counting the discount. If Maduro tells the truth in his statement, he does not tell the truth from the official record of this project and in most previous announcements made by the president. After all, according to a new statement released, all of tokens were offered at 46% off the officially amount declared (not counting the reductions).


The information creates another contradiction from the Venezuelan initiative, which already faces many biased views. The Venezuelan Congress has already announced that the money is prohibited and unconstitutional and that the country's National Assembly has also recently condemned the petro for a fraud along with a threat to its prospective investors. On the other hand, significant Chinese credit agency Dagong had better items to say regarding the petro.


The Venezuelan president clarified that after finishing the 30 days of this pre-sale, you will find two hundred thousand nine hundred and twenty-seven offers of intention to purchase were obtained from Petro, by 133 nations.

Russia and the Petro


The Russian Government has denied its involvement with the cryptocurrency "El Petro".


Based on Russian book TASS, Artyom Kozhin, deputy director of the Information and Press Department of the Russian Ministry of Foreign Affairs, disregarded Time Magazine's report as fake news and stressed that There Isn't Any involvement of Russian officials with the Venezuelan job.


"During the conference on February 21, 2018, at Moscow, Venezuelan Minister of Economy and Finance, [Simon] Zerpa, delivered a leaflet on the crypto-coins into Russia, exclusively for the purpose of telling Russian partners about this project, " the official disclosed, insisting that Russia was not involved in the petro whilst confirming the Venezuelan official had shared details of the cryptocurrency.


TASS also reported that Maduro searched a number of trading partners for the Petro, including the Russian ruble, Turkish lira, euros, and the yuan. Investors will be able to trade those currencies on Friday, he explained, although it is unclear where they will be able to achieve that. Venezuela has also not ruled on the situation.


The much-publicized Time article, now discredited by the Russian authorities, maintained Russian officials and Kremlin-connected entrepreneurs helped the government launching Petro, "In other words, Petro was, in reality, a collaboration -- a joint venture half-hidden involving Cuban and Russian authorities and businessmen whose goal was to erode the ability of US sanctions."


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