Apparently Venezuela has already raised $735 million from it's pre-sale:
https://www.rt.com/business/419397-venezuela-petro-cryptocurrency-maduro/Investors have purchased some $735 million worth of Venezuelas oil-backed cryptocurrency on the very first day of pre-sale, according to President Nicolas Maduro, who praised it as means of breaching the US financial blockade.
Today, a cryptocurrency is being born that can take on Superman, Maduro announced on Tuesday, referring to the US as a comic character. The Venezuelan leader, however, provided no details about the first investors in the petro, which is backed by the countrys oil, gas, gold and diamond reserves.
The Bolivarian Republic of Venezuela guarantees that it will receive PETRO as a form of payment for national taxes, fees, contributions and public services, taking as a reference the previous day's Venezuelan oil basket price with a discount, says the official website for the newly-launched asset, which is set to go public next month.
Interesting, thanks for sharing + merited.
Venezuela may accurately be described as a sinking ship. I would be very surprised if anyone invested $735 million in the strength of their oil with its dwindling reserves or their economy which doesn't look as if it will recover anytime soon.
I know some who say venezuela and russia could form an alliance as both are under economic sanctions from the european union and united states. I think that statement is similar to the news media claiming Saddam Hussein and Osama Bin Laden were forming an alliance which needed to be stopped by a war in iraq. It may not make sense in many different ways. Venezuela and russia are both major oil providers and perhaps more competitors than allies. Venezuela also may not have much to contribute towards an alliance with russia. They are unable to provide for their own people much less for an ally.
If venezuela did receive $700 million in funding, I think it may have come from bankers who are hoping to own a stake in venezuela which they can redeem later for greater value if the country enters a post crash era where its assets are liquidated.