They can't buy it with Venezuela's official currency, the bolivar, which is worth almost nothing because of hyperinflation.
"Petro is born and we are going to have a total success for the welfare of Venezuela".
"In our view, if Petro goes ahead and the Venezuelan government manages to raise a considerable amount from investors, this could bring more global scrutiny from regulators".
But the beleaguered president has pressed on with his plans to launch the new coin - which will be backed by one barrel of oil, the only currency in which Venezuela is still rich in. Presale began with one token going for $60.
The country's cryptocurrency regulator said last week it expects investors in the Petro from countries including Turkey, Qatar, the USA and Europe. "Although it is allegedly backed by the price of Venezuela's oil reserves, there is no reason why a rational investor should put money into it".
The petro is also supposedly backed by storehouses of gold and diamonds, Maduro has said, according to Bloomberg.
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Instead, she proposed revenue for schools should come from the state's unrestricted general fund, the same way it's always funded. The Senate Health, Education, Labor and Pensions committee has held five hearings on the reauthorization since November.
"With Petro, we are witnessing this opportunism on a much grander scale, and the first of its kind".
Petro is Venezuela's crypto which President Maduro hopes will help the nation around worldwide sanctionsWhat is Petro?
Rubio and Menendez wrote at the time: "It is imperative that the U.S. Treasury Department is equipped with tools and enforcement mechanisms to combat the use of cryptocurrency to evade U.S. sanctions in general, and in this case in particular".
It has faced world wide criticism though, with the biggest coming from China, who have launched yuan-priced oil futures, and are trying to persuade the top producers to trade crude in its national currency. (Maduro is up for re-election this April.) Legislator Jorge Millán tweeted in January, "They have announced issuance of a supposed cryptocurrency that is illegal and unconstitutional".
On a recent tour of Latin America, top United States diplomat Rex Tillerson floated the idea of slapping sanctions on Venezuela's oil exports, the source of 96 percent of the country's revenues.