The country's crude oil reserves - the largest in the world - back the petro.
When the U.S. Treasury department saw that Maduro was hell bent on issuing the crypto, it sent a strong warning to U.S. investors to steer clear of it.
He stressed in another tweet that Venezuela's development has a socialist vision for a future of prosperity for all Venezuelans, unlike that 'in many parts of the world new technologies increase the gap between rich and poor'.
But critics point out that for now sale of the petro will only be in dollars - a sign of how much Venezuela's own currency, the bolivar, has melted under four-digit inflation.
For long, the USA has used sanctions as a strong arm tactics to compel errant nations to fall in line with its economic/political expectations. Opposition leaders have said the sale constitutes an illegal debt issuance that circumvents Venezuela's majority-opposition legislature, and the U.S. Treasury Department has warned it may violate sanctions levied past year.
"The Petro reinforces our independence and economic sovereignty and will allow us to fight the greed of foreign powers that try to suffocate Venezuelan families to seize our oil", he said.
Maduro has also touted the petro as the fulfillment of the late Hugo Chavez's dream of upending global capitalism away from the dominance of the USA dollar and Wall Street.
Apparently, the USA treasury department must be working overtime to nip Petro in its bud and if that happens, the crypto world will be left with very little to celebrate. However, the initiative has attracted stark criticism, including from lawmakers both inside and outside of the country. As the whitepaper shows, 38% of the coins are reserved for a discounted closed-door presale, while 44% will go for the public offering. The details given by Maduro in recent months reveal that the entire petro issuance will have a value of 100 million tokens which is just over $6 billion. The government will distribute the remaining 18% to the Superintendency of Currency and Related Activities. Vargas said that the government expects to draw investment from investors in Qatar, Turkey, Europe, and the United States.
However, no new price information was supplied on Tuesday.
The President of Venezuela, Nicolas Maduro has taken this step with the hope that it will allow the ailing OPEC nation to ignore the USA sanctions.
Venezuelan officials, however, have released few of the nitty-gritty details of how it will work, ensuring investors that it is safe.
The tokens will each be valued at and backed by a barrel of Venezuelan crude oil, Maduro has said. This prevents the country from borrowing overseas so that it can bring in new hard currency or refinance existing debt.