Will an Oil-Backed Sovereign Crypto Help Caracas Dig Its Way Out of Financial Trouble? Doubtful

The government of Venezuela raised $735 million on the first day of a presale of its oil-backed cryptocurrency, the “petro.”

That’s hard currency in a country awash in debt and facing a failing economy on nearly all fronts. But it might not matter, experts say, since the country’s leadership doesn’t seem to understand cryptocurrencies at all.

Investors paid discounted rates for tokens with an official value of $60. They can exchange the tokens for petros in an initial coin offering (ICO) in March, when public trading in petros is set to start.

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