Petro Crypto Will Fund Housing In Venezuela, Indian Political Party Accused Of Bitcoin Scam


Venezuela’s Petro cryptocurrency will be used to fund housing in the country, The Next Web (TNW) reported. According to reports, more than 30 businesses are working toward efforts to construct the housing. That work is reportedly funded by the equivalent of $750,000 in the bolivar currency and 900,900 Petro, which is worth about $54 million at the cryptocurrency’s initial coin offering (ICO) price.

A state-backed currency, each token of Petro is reportedly backed by a barrel of oil. Overall, oil makes up a large chunk of the country’s earnings from exports approximately 95 percent and the country has dedicated 5 billion oil barrels toward the supply of tokens. The tokens brought in $735 million on the first pre-sale day and more than $5 billion in one month of sales.

Following the initial launch of Petro, another form of cryptocurrency called “Petro Gold” surfaced. That token, which is reportedly more powerful, is backed by the precious metal.

In other news, the Indian National Congress (INC) is reportedly claiming that an opposing (and ruling) Bharatiya Janata Party (BJP) had put together a purported bitcoin scam, according to TNW. More specifically, the claims are against a division of the party in Gujarat.

Though INC spokesperson Shaktisinh Gohil said a police report was filed with local authorities and that leadership allegedly converted illicit funds to crypto, the INC is holding back from further action. Gohil told journalists. “We demand an impartial Supreme Court-monitored judicial investigation in this maze of ‘Mega Bitcoin Scam’ so that the truth comes out.”

Scams involving digital currency in India are becoming a problem: A businessman and Bollywood stars were arrested in a bitcoin scam involving $300 million. However, TNW said it’s not uncommon for political parties in India to make “tongue-in-cheek” claims against their opposition. As a result, the outlet said that the claims should be taken with caution.


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The CFO’s Guide To Digitizing B2B Payments, a PYMNTS and Comdata collaboration, examines how companies are updating their AP approaches to protect their cash flows, support their vendors and enable their financial departments to operate remotely.