Venezuela President Claims His Country’s Answer to Bitcoin, Petro, Raises $735 Million

Despite the U.S. Treasury Department warning investors away from it, Venezuela President Nicolas Maduro says the launch of his country’s oil-backed answer to Bitcoin, Petro, raised $735 million in its first day.

In a tweet late Tuesday, the Venezuelan leader said that investors had promised 4.8 billion yuan, or $735 million in a pre-sale of Petro, the cryptocurrency Maduro hopes will help boost Venezuela’s ailing economy. Countries including the U.S. have imposed sanctions on Venezuela,...

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