Social Media Comments on Launch of Venezuela's Cryptocurrency

Social media is providing a platform for both praise and criticism of Venezuela's new Petro cryptocurrency after President Nicolas Maduro revealed that it generated a total of US$735 million during its first day of pre-sales.

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Maduro released a video on national TV on Wednesday, sharing news of the Petro's triumph across social media.

"The Petro is born and we are going to have a total success for the welfare of Venezuela," Maduro had predicted on Tuesday as 82.4 million units, backed by the nation's oil reserves, were released onto the market.

Some Twitter users voiced reservations about the fledgling cryptocurrency, but others welcomed its arrival with open arms.

"With the Petro, the prosperity and production of our beloved Venezuela is strengthened," posted one user.

"#TheFutureWiththePetro An excellent decision of our President @Nicolas Maduro," another Tweet said.

According to Seniat, the state tax and revenue agency, citizens will be able to use the Petro to pay for tax liabilities, duties, fees, contributions and public services.

"This initiative, this new South, gives us an endless range of options and opportunities in the national and international market, opening new horizons that have no limits,” Mariana Ribera of Infocentro, a national communications company, posted on Twitter.

Maduro says the goal of the new cryptocurrency is to combat sanctions in the 'economic war' waged by the U.S. government and its junior partners against Venezuela, while advancing "on issues of monetary sovereignty to make financial transactions and overcome the financial blockade."