El Petro pre-sale said to bring $3.3 billion

Posted 27 April, 2018

Venezuela generated some $3.338 billion from pre-sales of El Petro, the national Venezuelan cryptocurrency, as stated the country's leader.

According to AVN reports, the funds will be divided as follows: $1.7 billion will be spent for foodstuff and industrial resources purchases, $1 billion will be transferred to the Central Bank for further auction sales via DICOM exchange system.

Back in March, President Maduro claimed $5 billion received during the pre-sale. However, Venezuela's government has failed to submit official documents to confirm the mentioned sums so far.

Oil-backed digital coin El Petro was launched in late February. Besides, the President also ordered that PDVSA oil company, Petroquimica de Venezuela and CVG make a number of deals using the national cryptocurrency.

Later in March, Nicolas Maduro announced the project for four economic zones in Venezuela, where the coin can be used in business operations, including purchase-sale agreements and service payments.

In April, the National Assembly of Venezuela approved El Petro and the draft cryptocurrency constitutional decree.

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