Venezuela Offers Cheap Oil If Use Petro

Venezuela is aggressively promoting crypto currency called Petro, which it recently developed. One of the hot news is a 30% discount offered to India for crude oil purchases when using Petro's currency.

use crypto currency venezuela offer 30 percent discount on crude oil

Petro's currency is backed-up by Venezuela's oil and mineral reserves, reportedly to be available at the Delhi-based Coinsecure exchange, India. CEO of Coinsecure, Mohit Kalra, said during March 2018, a team of blockchain experts from Venezuela has visited India to discuss and cooperate with Coinsecure. Furthermore, he insists that the plan has been agreed upon and will soon include Petro as one of the trading instruments to be paired with Bitcoin and Indian Rupees.

Pre-Sales Fantastic Petro

As previously known, Petro is a crypto currency developed by the Venezuelan government and was first introduced in February 2018. In the same month, it was reported that Petro had pre-sales equivalent to more than $ 3.8 billion and attracted more than 127 countries worldwide.

Officially, Petro will be launched after Venezuelan presidential elections which will take place on May 20, 2018. In an effort to promote its crypto currency further, Venezuela will hold a conference in India to introduce Petro's currency to a wider audience.

The Petro Venezuela Controversy

Despite Venezuela's plan to make Petro the official currency by 2020, US President, Donald Trump, has banned its citizens from buying, storing and trading Petro.

In addition, there are some who continue to oppose the idea of ​​Petro's creation by saying that, despite being supported by oil, Petro is nothing more than a centralized currency. No one knows how many coins will be launched or issued. Petro is not decentralized like Bitcoin or Ethereum.

Meanwhile, a senior Venezuelan government official in a report revealed that the government has a set of rules for Petro.

"As with other crypto currencies, Petro is managed through digital free software using blockchain technology, all transactions will be made by buyers without intermediaries," the official explained.