ICO of Venezuela's Oil-Backed Cryptocurrency Starts as US Imposes Sanctions

© REUTERS / Marco BelloThe new Venezuelan cryptocurrency "Petro" logo is seen during its launching in Caracas, Venezuela February 20, 2018
The new Venezuelan cryptocurrency Petro logo is seen during its launching in Caracas, Venezuela February 20, 2018 - Sputnik International
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MOSCOW (Sputnik) - The initial coin offering (ICO) of the Venezuelan cryptocurrency "Petro," backed by the country's oil reserves, will start on Tuesday.

The pre-sale of the cryptocurrency started on February 20 and ended on Monday.

At the same time, US President Donald Trump signed an order barring any financial transactions involving Venezuela's new Petro cryptocurrency, which have been described as a "crime against humanity" by Caracas.

In December, Maduro announced the idea of the introduction of the country's own cryptocurrency, which would serve for carrying out financial transactions and searching for new financing options.

READ MORE: Petro?! Right: Prospective Venezuelan Cryptocurrency Hoped to End Economic Woes

Venezuela has allocated five billion barrels of oil to back its cryptocurrency. The authorities reportedly plan to set the initial price of their national cryptocurrency at $60 per one Petro.

On February 4, US Secretary of State Rex Tillerson said Washington was weighing sanctions on Venezuela's oil sector to increase pressure on the country's authorities and make them "return to constitutional process."

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