El Petro Coin ICO: What to Expect from the First Public Offering of Venezuelan Cryptocurrency

Petro coin, the Venezuelan cryptocurrency has gone live for its first public offering after raising reportedly $5 billion USD in its private pre-sale. The public sale began just a day after Trump’s ban on US purchase of Petro that makes it highly risky while increasing its chances of failure.

“Petro” up for public sale

The public offer of the Venezuelan cryptocurrency “Petro” started its inning yesterday on March 21 as revealed by Hugbel Roa, the Minister of University Education, Science, and Technology. Roa posted on his Twitter account “Let’s go Venezuela and the world … The ICO Petro has already started.”  

Just a day before the public offer of the Petro started, its initial presale of over 82 million Petro units marked its ending, which according to the official figures generated about $5 billion USD from February 20 to March 20.   

The technical paper of Petro reveals that 44% of the total 82.4 million Petros would be up for private presale and ICO and 38.4% for private sale.

As per the authorities, 127 countries in total have shown interest in Petro that includes Russia, the US, South Korea, Brazil, Argentina, China, Japan, Bolivia, Spain, and Afghanistan.

Though, Petro coin already trumped by Trump

Just a day before the public sale of “Petro” started, US President Donald Trump banned the US purchase of this cryptocurrency.

Trump issued an executive order that bans “all transactions related to, provision of financing for, and other dealings in, by a United States person or within the United States, any digital currency, digital coin, or digital token”. He further described “Petro” as an “attempt to circumvent US sanctions” on Venezuela’s part.  

In response to US govt. ban, the Venezuelan government referred to it as “gross meddling” while emphasizing that it will continue its efforts to make Petro coin the world’s most reliable and solid cryptocurrency and promoting the blockchain technology.   

Petro’s high possibility of failure

Since Petro’s inception, this oil-backed cryptocurrency has been surrounded by confusion and suspicion that made the potential investors question this ICO. The failing economy of the country doesn’t do anything good for its credibility.  

It has also been believed that it will fail to cure the tattered economy of Venezuela and Petro worthlessness will only weaken the integrity of cryptocurrencies at large.

With US government strike on the Venezuelan cryptocurrency, it only heightens the chances of Petro’s failure possibility that makes it all the more a risky affair.

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