Venezuela Agrees To Use Petro Cryptocurrency For Oil Trading


The Venezuelan government has announced it’s intentions to sale oil by utilizing the Petero cryptocurrency, in order to circumvent U.S economic sanctions being placed during the coming 2019.

Circumvention

According to information provided by the Venezuelan-based satellite tv, TeleSUR, Nicolas Maduro, President of Venezuela, has announced the plans to create a trove of cryptocurrency for oil-backed state cryptocurrency, Petro. The sale of oil utilizing Petro would begin during 2019. The President further elaborated that this move would expand the economy and reduce the over-reliance on the U.S Dollar.

This latest idea by Maduro is a way to diversify transaction done in the international market by utilizing the Petro combined with financial plans to circumvent U.S. sanctions. The president further states that it was necessary to have an expansive and balance monetary system that views the dollar as currency of exchange but not that of a political system.

Petro is strengthened as a solid financial exchange instrument to consolidate our economic independence.

One of the most popular Venezuelan government official has gone off to cal the Petro an “economic revolution” in a recent twitter post. The president has thrown his support for the Organization of Petroleum Exporting Countries (OPEC) and stated that the December 2016 Vienna agreement must be cut and extended.

The Economic Revolution came with our cryptocurrency Petro, to break the economic siege imposed by imperialism. Nobody will stop us!

Our Thoughts

Venezuela’s decision to get involved with the cryptocurrency spaces seen tons of criticism and negativity. With the country’s ongoing economic decline, many citizens have decide to use digital assets as a means of currency. Although, even though this recent foray into the oil-backed state digital currency, Petro, the government is still plans to lead cryptucurrency towards international statues.

How well do you think this plan will work?

Let us know your thoughts.


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Keith Wang

Keith Wang is a writer and programmer specializing in bitcoin and blockchain technology. Keith has been a long time believer of bitcoin and blockchain technology and spends his free time following up with blockchain news. You can contact Keith at keith@cryptomenow.com

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