Venezuela to provide Petro at OPEC because the ‘Digital Currency for Oil’

EM>Venezuela is planning to going into digital currency for oil. What does it mean for us? I’m not sure – I don’t even know if it’ll work – but it’s good to pay attention. Let’s read:

Venezuela is wishing the earth’s oil markets will begin having its questionable national cryptocurrency, the petro.

Manuel Quevedo, the nation’s minister of oil and also the president of condition-owned oil company PDVSA, announced inside a tweet on Wednesday, that Venezuela will require petro towards the Organization of the Petroleum Exporting Countries (OPEC) in 2019, because the “primary digital currency supported by oil.”

Another PDVSA tweet shows a news clip of Quevedo speaking about them, captioned using the quote:

“Petro will end up digital currency of oil transactions worldwide we’ll present it to OPEC, it is among the internationalization measures from the currency.”

The move is aimed to allow Venezuela to begin while using token to promote its oil in the first quarter of the coming year, based on a study from Prensa Latina, the condition news agency of Cuba.

Quevedo believes the move can help enhance the country’s economy and “guarantee” growth and success.

Companies thinking about Venezuelan oil products happen to be requested to participate the nation’s national cryptocurrency platform, the report states. Quevedo has reportedly invited airlines and shipping companies to join up for any digital wallet to transact within the petro.

“The gasoline for planes, ships, we are selling it in Petros. It’s the currency of Venezuela,” he was quoted as saying by Chinese news agency Xinhuanet.

Venezuela began the purchase of petro to the residents on March. 29 with an official government portal, saying the token can be used for individuals trying to obtain passports. The nation pegged its new national currency, the sovereign bolivar, towards the petro in This summer of the year.

The token was initially launched in pre-purchase in Feb, regardless of the opposition-controlled Congress getting known as it illegal when first announced.

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