What is petro and when is Venezuela's new Bitcoin-like cryptocurrency's ICO?

What is petro and when is Venezuela's new Bitcoin-like cryptocurrency's ICO?

What is petro and when is Venezuela's new Bitcoin-like cryptocurrency's ICO?

While the country gets ready to issue a digital currency of its own, Maduro maintains that his government is a victim of an economic war led by opposition parties with the assistance from the United States government.

The Petro, which Venezuela touts as the first cryptocurrency issued by a country, is now launching in pre-sale as a means to "boost monetary sovereignty", while many analysts think it is just a desperate attempt to skirt US financial sanctions. Dialogue in Caracas or Washington DC? "Time and place, and I will be there", Maduro posted on Twitter.

Maduro has assured that he will travel to Lima in April for the Summit of the Americas, which Trump will attend.

Both moves have been condemned as meant to rig the results from the outset.

At the end of previous year, President Maduro declared intention of Venezuela to create their own cryptocurrency, which can be used on the territory of the specified state as a means of payment.

Venezuela's government on Tuesday launched the world's first sovereign cryptocurrency, the petro, to help its collapsing economy.

But some analysts see the petro as a desperate move to secure cash amid an unprecedented economic meltdown brought about by Maduro's socialist policies. The publication says that, translated to an annualized pace, this recent hyperinflation reaches a staggering 448,025 percent.

Last year, the Economist Intelligence Unit's Democracy Index downgraded Venezuela from a "hybrid regime" to an "authoritarian regime" due to its "continued slide towards dictatorship".

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The economic hardships have prompted many Venezuelans to seek sanctuary from the turmoil in neighboring Colombia.

Some bitcoin enthusiasts also question the whole concept of Venezuela, or any government, promoting a digital currency when such instruments were originally created to circumvent the controlling role of the state.

On Saturday the head of state said he had prepared a "surprise" for Venezuelans and invited them to be attentive at 8:55p.m on Sunday, when he posted the video.

Nevertheless, it is expected that U.S. cryptocurrency enthusiasts will participate in the sale, despite the legal and investment risks.

Maduro denies the system is undemocratic and calls the OAS a pawn of US policy.

A White House statement then said: "Today, Nicolas Maduro requested a phone call with President Donald J. Trump".

Venezuelan journalist Francisco Toro told CNBC that Venezuela was turning to cryptocurrency out of "desperation" because of its economic isolation from the US. "When things are so bad that the military leadership realizes that it just can't serve the citizens anymore, they will manage a peaceful transition".

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