VENEZUELA'S PETRO CRYPTOCURRENCY

CARACAS : Venezuela's new ''petro'' cryptocurrency will attract investments from Turkey, Qatar, the United States and Europe, the country's cryptocurrency regulator said on Friday.

The government of President Nicolas Maduro, which says the petro will help skirt financial sanctions by Washington, has scheduled the first petros sale for Tuesday.

Skeptics say the concerns about Venezuela's financial solvency will likely limit investor interest, while the U.S. Treasury Department has warned the petro may violate sanctions against the OPEC nation.

On Tuesday, there will be quite a few announcements about the start of process,'' Venezuelan Cryptocurrency Superintendent Carlos Vergas said on the sidelines of a political meeting in Caracas. 

''And there will surely be a lot of investors from Qatar, Turkey, and other parts of the  Middle East, though Europeans and Americans will also participate.''

He did not elaborate.

The Venezuelan government has not provided full details about the Petro. But advisers working for the government recommended that 38.4 percent of the petros-

Should be sold in a private auction at a discount of 60%.

[Agencies]