Venezuelan state oil firm to strike deals using national cryptocurrency
The country’s oil ministry tweeted the president’s directive, which also applies to Venezuelan state-run conglomerate CVG, which is charged with economic development in the Guayana region. It also operates aluminum producers and state petrochemical company Pequiven.
🇻🇪 Presidente @NicolasMaduro: Anuncio en primer lugar dar la orden de absoluto cumplimiento al empresa PDVSA Pequiven y CVG para como empresa del Estado realicen un porcentaje de sus ventas a partir en moneda Petro convertible #ElPetroEsVenezuelapic.twitter.com/nav4dN7QJZ— Min. PP Petróleo (@MinPetroleoVE) February 21, 2018
The petro is backed by the country’s oil, gas, gold and diamond reserves. Investors purchased around $735 million worth of petro crytptocurrency during the pre-sale on Tuesday, according to President Maduro. He sees it as a way of breaching the US financial blockade.
Maduro also ordered Venezuelan embassies across the world to provide consular services using the digital currency. The president has entertained a proposal made by the airlines association to buy aircraft fuel using the petro.
The commodity-based cryptocurrency will be used as a payment instrument on the Venezuela-Columbia border starting from Wednesday.
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