Venezuela begins selling oil for Petro tokens

Venezuelan President Nicolas Maduro announced the start of sales of Venezuelan oil for nationalcryptocurrency Petro.

The president said that not only oil, but also Venezuelan steel, iron and aluminum will be shipped for Petro. Later, Venezuelan gold will be added to this list.

Nicolas Maduro has already signed a decree on the sale of 4.5 million barrels of oil, produced by the state-owned company Petroleos de Venezuela SA, for the Petro cryptocurrency.

Speaking to the Constituent National Assembly, Maduro said that soon all oil sales transactions would be conducted in the national cryptocurrency.

Petro coin launched in February 2018backed by Venezuelan gold and oil. The Venezuelan government assures that the currency is backed by a huge oil reserve and is actively promoting the use of the national cryptocurrency as an alternative to the US dollar.

Maduro claims that the Petro coin was successfulintroduced into the financial infrastructure of the country by the Venezuelan government. The President is confident that soon many Venezuelans will use Petro coins in their daily lives.