Share this article
Venezuela's President Announces 'Petro' Token Pre-Sale
The president of Venezuela has said the pre-sale of the country's proposed oil-backed cryptocurrency will launch next month.
Updated Sep 13, 2021, 7:30 a.m. Published Jan 31, 2018, 4:00 p.m.
Make us preferred on Google
Nicolas Maduro, the president of Venezuela, has said the pre-sale of the country's proposed cryptocurrency – the "petro" – will launch next month.
Signing the petro white paper on Tuesday, Maduro stated that the initial sale of the token will commence on Feb. 20th. President Maduro also revealed that plans are being drawn up to use the petro – which is backed by commodity reserves, including oil – with a national ID card possessed by millions of Venezuelans, a Bloomberg report states.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Maduro further announced that mining centers are being setup at educational institutions to produce the token. This apprently has been revised from an initial draft proposal that the petro was supposed to be pre-mined before launch.
Maduro stated on state TV, according to Bloomberg:
"The petro will have a great impact, in how we access foreign currencies for the country and in how we obtain goods and services that we need from around the world."
The controversial token was announced back in December of last year, with the declared aim of bypassing financial sanctions.
The country's opposition-run congress soon after declared that petro is "illegal" and that it would be effectively borrowing against the country's oil reserves. As such, the move would violate laws that specify the legislature must approve government borrowing.
"This is not a cryptocurrency, this is a forward sale of Venezuelan oil," said legislator Jorge Millan at the time, calling it "tailor-made for corruption."
Additionally, on Jan. 22, U.S. Senators Marco Rubio and Robert Menendez denounced Venezuela's planned cryptocurrency in an open letter to U.S. Treasury Secretary Steven Mnuchin.
The two senators wanted to know how the department would move to prevent the country from using the petro to bypass U.S. sanctions.
They wrote:
"It is imperative that the U.S. Treasury Department is equipped with tools and enforcement mechanisms to combat the use of cryptocurrency to evade U.S. sanctions in general, and in this case in particular."
Nicolas Maduro image via Shutterstock
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Bitcoin’s weakness versus gold and equities puts quantum computing fears back in focus
Some investors have revived concerns that quantum computing could threaten bitcoin, but analysts and developers say recent price weakness reflects market structure.
What to know:
- Bitcoin’s recent price stagnation has sparked a renewed debate over quantum-computing risks, with investor Nic Carter arguing that quantum fears are already shaping market behavior.
- On-chain analysts and prominent investors counter that the slowdown is better explained by large holders taking profits and increased supply hitting the market around the $100,000 level.
- Most bitcoin developers still view quantum attacks as a distant, manageable threat, noting that proposed upgrades like BIP-360 provide a path to quantum-resistant security and are unlikely to explain short-term price moves.
Top Stories
