According to a tweet from Venezuelan President Nicolas Maduro, the country’s oil-backed Petro cryptocurrency has raised $735 million on its first day. Sales of the highly controversial token began on Tuesday with deeply discounted sales (as much as 60%) to select investors. A larger-scale public sale slated for next month. If true, the launch would […]

With the launch of Venezuela’s state-sponsored Petro token less than two weeks away, it’s hardly surprising that Venezuelan President Nicolas Maduro is looking to get other major financial players to support it. According to a new report from Al Jazeera, Maduro plans to court members and non-member states of the Organization of the Petroleum Exporting […]

Last week, while most people in D.C. were focused on the looming government shutdown, Senators Marco Rubio (R.-Fl) and Robert Menendez (D.-NJ) published an open letter to U.S. Treasury Secretary Steven Mnuchin expressing serious concern about Venezuela’s plans to launch a state-backed cryptocurrency. The proposed token, known as the “Petro,” was announced by Venezuelan President […]