Venezuelan President Nicolas Maduro officially launched his own socialist shitcoin, "El Petro" today for pre-sale, and claims that each coin will be backed by a single barrel of oil. Maduro said there will be around 100 million coins total, arbitrarily valued at $6 billion USD which he promises will be "a total success for the welfare of Venezuela.” $38.4 million of that amount were up for grab during today's pre-sale at discount prices in an attempt to lure new investors into his scheme. The ICO was allegedly opened as a counter to crippling economic sanctions, the majority of which are imposed by Maduro's "Ya Socialismo", and El Presidente is hoping that it will provide a new outlet for payments of goods and services in the territory.