The Petro went on pre-sale in Venezuela yesterday, February 20th, and President Maduro claims that it has already raised $735m. Announced directly in a national broadcast and on the President\'s own social media, he said that for great problems there were great solutions. The game kicked off well from the first minute and (the Petro) immediately starting winning, he said, with 4.777m yuan in initial gains from unidentified purchasers.

President Maduro is very confident in the national cryptocurrency, which he sees as Venezuela\'s way around US-imposed economic sanctions. Venezuela has substantial reserves of oil to back the currency, together with gold and diamonds, and Maduro feels the move will take his country forward into the 21st century. Each Petro token will represent one barrel of oil, and the price will be pegged to the previous day\'s market value. It\'s unclear on which blockchain network the token will function, with some reports saying Ethereum and others citing NEM.

It\'s not the first time a country has issued its own cryptocurrency, with such systems already operating in Portugal, Germany and Iceland, though it is the first in South America. There is, however, a great deal of objection, both from US Senators and opposing Venezuelan politicians.