Venezuela will begin to sell oil and jet fuel for cryptocurrency

Venezuelan President Nicolas Maduro instructed the state oil and gas company to sell oil for the national cryptocurrency Petro.

According to the signed decree, in the near futurePetroleum of Venezuela (PDVSA) will thus have to sell 4.5 million barrels of oil, or 15% of the existing state reserve, allocated as physical security for digital assets.

After the initial large sale, in the future the company will need to sell another 50 thousand barrels of black gold every day for the distribution and development of Petro. INIn the future, the president wants to transfer all commercial oil transactions to the national cryptocurrency.

In addition, Nicholas Maduro decided thathenceforth, all fuel for aircraft serving international flights, the same should be sold for Petro. According to him, this mechanism will allow the country to pave the way to a new economy and promote international integration.

The President believes that the widespread use of national cryptocurrency will help in the fight against organized crime, which prefers dollars.

Previously, all branches of the Bank of Venezuela had already begun to accept Petro, since part of pensions and salaries also began to be issued in Petro.

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