Venezuela Considers Selling Its ”Oil-Backed” Cryptocurrency With a 60% Discount

The advisors of the Venezuelan government have recommended that the country’s oil-backed cryptocurrency, the Petro, be sold in private placements at a discount of up to 60 percent. 38.4 million petros, with a face value of around $2.3 billion, could go on sale starting on February 15. The newly-formed advisory group to the Venezuelan government, VIBE, recommended Venezuela sell 38.4 million petros with a face value of around $2.3 billion in private placements starting on Feb. 15 at a discount of up to 60 percent… Another 44 million petros with a face value of $2.7 billion should be offered to the public a month later.

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Opposition MPs in the country have already ruled Petro as illegal, and without the government's support, the creation of Petro will be dead in the water. It may be that Maduro is hoping the backing of other countries will sway the political opposition to the project. He recently asked other countries to adopt the Petro 

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I'd warn anyone off the petro too. Risk doesn't even begin to cover it.

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There is a bitcoin ATM near where I live. I was puzzled (it's in a not so great part of town) by its presence, and wondered how that works. It was my understanding (albeit limited understanding) that Bitcoin was not immediately convertible to cash. Can someone explain this?

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Maduro announced the date for the sale is Feb 20 instead of Feb 15.

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So who's going to be on El Petro train? Any takers?

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