Social media have been buzzing since the official launch of government-backed Venezuelan crypto-currency on Tuesday, although the critics are very mixed.

On Tuesday, Venezuelan President Nicolas Maduro claimed that the country had amassed $ 735 million on the first day of his presale for the new cryptocurrency. Despite a lack of evidence, the claim came amid a splashy television show nationally where Maduro himself said that "we have taken a giant step into the 21st century."

The Venezuelan government first unveiled the petroleum industry in December, creating a dedicated government agency to oversee the development of cryptocurrency as well as an ecosystem within the South American nation. In anticipation of the sale, the government has issued a white paper, a buyer's guide and, more recently, new rules to create cryptocurrency exchanges in Venezuela.

The initiative has sparked a series of tweets in support – and in opposition – to the idea, supported by a dedicated hashtag, #AlFuturoConElPetro (which translates to "in the future with the petro").

For example, a spokesperson tweeted: "The new economic era for Venezuela begins: the newborn criptomoneda called el petro has many challenges to overcome, but its potential for progressive regulation of the economy . "

Perhaps unsurprisingly, members of the country's National Assembly – which is controlled by political parties opposed to Maduro – lambasted the movement, including in statements issued a few hours after Tuesday's broadcast .

Among those who take a public stand against the petroleum, Marialbert Barrios, a member of the National Assembly, asked: "Who, in his good sense, buys a [cryptocurrency] from a government that does not pay the external debt, with an economy in hyperinflation? ? "

She also warned:

Ahora van a querer pagar las deudas con "petros"! Para tratar de darle vida a ese invento that in verdad es una emisión de deuda externa sin autorización of the @AsambleaVE. ¡Cuidado with the vendedores of humo! – Marialbert Barrios (@MarialbertBs) February 21, 2018

The repression of the Assembly comes amid a sharp political stalemate between the opposition forces and the Maduro government. According to Reuters, opposition parties should boycott the upcoming presidential elections in April, which they say is rigged in favor of Maduro.

MP Rafael Guzman described cryptocurrency as "fraudulent", reiterating the arguments of the past that it would fuel illegal activity.

"[The] petro is a fraudulent, illegal and invalid mechanism for the government to continue its shady activities and its money laundering, because it is unclear where these resources will come from", writes he.

Support base

Contrary to the opposition-controlled Assembly denunciations, various Venezuelan government offices have used their social media presence to boost the agencies that promote oil.

Among these is the tax and fiscal authority of SENIAT Venezuela, who claimed that residents can use petroleum to pay their tax debts, among other things:

El Petro will be able to dinero fiduciario y otros criptoactivos spans of casas de cambio digitales. El Estado aceptará pago de impuestos, obligaciones, tasas, contribuciones y servicios públicos nacionales en Petro. #AlFuturoConElPetro pic.twitter.com/80puSYmbmbers19459003] – SENIAT (@SENIAT_Oficial) February 21, 2018

"The state will accept the payment of taxes, duties, taxes, contributions and national utilities to petro", writes the agency.

Infocentros's Mariana Ribera, who operates a network of computer centers across Venezuela, also celebrated the move on Twitter.

"This initiative, this new South, offers us an endless array of options and opportunities in the domestic and international market, opening up new Horizons that have no limits," writes -she.

Other tweets in support of the move include those from the Venezuelan consulates in Hong Kong and Vancouver.

Maduro's official Twitter account has seen a number of messages related to the course of the past day, including one from Wednesday afternoon that aired footage of Tuesday's show.

Estamos dando a gigantic paso hacia the nueva economía y el futuro. ¡Sinceros orgullosos de nacimoso de Petro! Learn more about this page to see more details on this page. #AlFuturoConElPetro pic.twitter.com/G7S1XoVSQt – Nicolás Maduro (@NicolasMaduro) February 21, 2018

Local bitcoiners raise concerns

Yet, returning to the opposition, the politicians of Venezuela are not the only ones to oppose this idea.

While the skepticism of Venezuelan opposition lawmakers may be perceived through the ongoing political crisis in the country, critics of members of the local bitcoin and cryptocurrency community are more nuanced and focused on does that the Maduro government will probably exercise significant control over the cryptocurrency it creates.

In an article on the Facebook group "BitcoinVenezuelabtcven", a commentator wrote that it is "really disturbing" that the government exercises such control, especially if we consider that people are starting to # 39; use.

The fear, he said, is that the government will have "the absolute power to manipulate and adulterate the blockchain at will to the detriment of petro".

According to what others have said, the petroleum is not at all a decentralized cryptocurrency. "That's what makes the petrol a debt bond and not a crypto in itself, plus the danger of these guys behind this project," wrote one community member.

Yet another observer offered a wider take, posting in the Facebook thread:

"Tyranny is this: [a] the monopoly of power in the hands of a political class that only cares about its space."

Editor's note: The statements in this report have been translated from Spanish.

Image via the Facebook group of Bitcoin Venezuela

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