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Now the real challenge for the financially-struggling country begins - finding more investors willing to put their money in a country plagued by economic and political issues. Officials have said that with the creation, they hope to attract investments from several countries, including the USA and Europe. But for now, proponents of this digital token called Petro, are basking and touting it as a success.

Venezuela was in trouble long before President Donald Trump imposed sanctions.

Maduro didn't seem to hide from that belief either. Venezuelan opposition refused to sign the agreement with the country's authorities calling it "unworthy".

"Today, a cryptocurrency is being born that can take on Superman."
Overall, though, more than a little nose-holding may be required. The "Petros" cryptocurrency will have an initial value tied to the price of a barrel of Venezuelan crude oil in mid-January, which was $60 per barrel, with a target of 100 million Petros to be sold.

"The new cryptocurrency will be backed by reserves of Venezuelan wealth in gold, oil, gas, and diamonds".

The cryptocurrency was created in an effort to circumvent the financial sanctions against Venezuela, the US and the European Union.

"Every single Petro will be backed by a barrel of oil".

At the time, the government said the cryptocurrency would solve the country's grave economic problems, largely caused by the policies of Maduro's own government, and his predecessor Hugo Chavez.

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One interesting detail that was revealed is Russia's involvement.

The petro is not likely to attract significant investment, according to blockchain experts. The government said it would initially make 82.4 million tokens available. However, critics claim that this is nothing but a desperate effort made by Caracas to raise cash.

"There will surely be a lot of investors from Qatar, Turkey, and parts of the Middle East, though Europeans and Americans will also participate", Mr Vargas said last week.

It's the claim that USA investors are among the Petro buyers that is raising eyebrows. This was stated by the President of this South American country, Nicolas Maduro, reports Reuters. "The Petro reinforces our independence and economic sovereignty and will allow us to fight the greed of foreign powers that try to suffocate Venezuelan families to seize our oil".

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"(It) is another attempt to prop up the Maduro regime, while further looting the resources of the Venezuelan people."
This included a warning to users on the security aspect. They block USA banks and investors from acquiring newly issued Venezuelan debt, effectively preventing the nation from borrowing overseas to bring in new hard currency or refinance existing debt.

Surprising many who never took the idea seriously, the Bolivarian Republic of Venezuela published a draft white paper for the petro and launched a website for companies and individuals to register interest. Because of that, it could expose USA citizens to legal risks.

The country's currency bolivar has recently dropped to record lows. The International Monetary Fund reckons inflation in Venezuela is on track to hit 13,000 percent this year. His determination, however, resulted in his country becoming the first in the world to launch its own crypto.


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