Venezuela to Sell Oil & Minerals for National Cryptocurrency

Venezuelan President Nicolas Maduro announced that the country will sell its production of oild and other minerals in exchange of its national cryptocurrency “Petro”.

Maduro told El Nacional newspaper, “We will sell Venezuelan oil in exchange for petros. We already sell Venezuela’s iron ore and steel for petros. We have already signed contracts for the sale of oil, steel, iron and aluminium, and we will sell part of the gold for petros”.

According to Maduro, the government is successfully introducing its cryptocurrency into Venezuelans’ daily lives. In December, the country’s authorities transferred benefits in petros timed to the New Year holidays to pensioners and public sector employees.

It’s worth noting that Venezuela has taken good steps to the adoption of blockchain technology and cryptocurrency, even beyond petro in local economy. Third week of December saw Bitcoin’s P2P Weekly Trading Volumes at All-Time High.

According to experts, the spike was triggered by hyperinflation that exposes the two countries’ national currencies to erosion. Therefore, citizens tend to keep exchanging their national currencies with the coin as its value is quite higher than the peso, even at times when the crypto market is bearish.

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[…] launch a state-backed cryptocurrency. Venezuela has already launched its own cryptocurrency the “petro” and is now accepting it for its sales of oil & minerals. However, China would be the first […]