Petro ICO Raises $735M & Venezuelans Can Pay Taxes in Crypto

As I mentioned way back in one of my Quora answers, it was very likely that oil trading countries will use crypto as a SWIFT and petrodollar alternative. It has already happened far sooner than I originally anticipated.

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Nicolás Maduro@NicolasMaduro

A grandes problemas, ¡grandes soluciones! Desde el primer minuto el juego arrancó bien, y arrancamos ganando: 4.777 millones de yuanes o 735 millones de dólares es el resultado inicial de las operaciones de intención de compra del Petro. #AlFuturoConElPetro

5:43 PM - Feb 20, 2018

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Unregistered crypto mining once considered illegal, is now legal in Venezuela.
It is an activity that is now perfectly legal,” Vargas announced in a dramatic U-turn. He continued:

“We have had meetings with the Supreme Court so that people who have been victims of seizures and arrests in previous years will have charges dismissed.”

Venezuelans can pay taxes with petro:

"The state will accept the payment of national taxes, duties, fees, contributions and public services in petro,"

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El Petro será canjeable por dinero fiduciario y otros criptoactivos a través de casas de cambio digitales. El Estado aceptará el pago de impuestos, obligaciones, tasas, contribuciones y servicios públicos nacionales en Petro. #AlFuturoConElPetro

5:15 AM - Feb 21, 2018

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Consider petro is not a decentralized cryptocurrency, but in substance a debt “junk” bond. Bitcoin will likely be the only way to remove the problem of trust and these oil countries will realize it sooner or later.

Be careful of the risks. Be careful if you are a US citizen considering to buy any Petro cryptocurrency, you might have legal risk because they are under US economic sanctions. This is not legal advice.

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Mark kilaghbian