Venezuela to sell oil and gold for petro

posted 3 months ago
Venezuelan President Nicolas Maduro said the country will sell oil and gold for its national cryptocurrency, the petro. "We will sell Venezuelan oil in exchange for petros. We have already signed contracts for the sale of oil, steel, iron and aluminum, and we will sell part of the gold for petros,” Maduro said. Maduro said that at least 6 million families in Venezuela have used petro as a payment method to purchase goods and services during the New Year holidays. The #PetroApp hashtag was also reportedly trending yesterday on Twitter in Venezuela.

The price of one petro is equal to the price of a barrel of oil in Venezuela (WTI crude price is currently at around $63). As petro is pegged to the price of oil, Maduro recently said that Venezuela would back the cryptocurrency with some 30 million barrels of crude oil sitting in the country’s storage tanks. The figure, however, is drastically down from 5 billion barrels announced at the time of the petro launch in Feb. 2018. It’s worth noting, for those that do not yet know, Venezuela is home to the most oil and gold in the entire world.
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