Venezuelan President Nicolas Maduro has announced that he intends to allocate 30 million barrels of crude oil for material support of the state cryptocurrency Petro.
He reported on national television thatThe necessary oil reserves are in storage tanks and are ready for immediate commercialization. Although Maduro did not specify how the sale and transfer of stocks would be organized to support Petro.
Reuters previously reported that the country's government initially planned to reserve 5 billion barrels of oil as collateral.However, US economic sanctions against the state-owned oil company PDVSA have led to reduced production volumes and a revised support program.
Actively promoted by the governmentPetro cryptocurrency is not traded on any foreign exchange, so material support is a way to increase domestic oil use and curb hyperinflation.
</p>Read this:
Venezuelan President Promises Petro Christmas Prizes
Venezuelan government working on cryptocurrency payment solution for citizens of the country
Venezuelan President Nicolas Maduro Allocates 30 Million Barrels of Oil to Petro
Petro will be provided with 30 million barrels of crude oil
Venezuela will give pensioners a Christmas cash bonus in digital currency Petro
Test equipment to ensure "sovereign runet" will begin in the Urals