Starting from the new year, Venezuela intends to sell its oil for cryptocurrency.
This statement was made by the President of the Bolivarian Republic, Nicolas Maduro. His words are quoted by the El Nacional.
We are talking about a cryptocurrency called Petro, which was created on the Ethereum blockchain platform in early 2018 with reference to the national Venezuelan currency.
“We intend to trade Venezuelan oil for Petro. We already trade iron and steel in this way. We have already signed a contract for the sale of oil, steel, iron, aluminum and a part of the mined gold for Petro, ”the head of the republic said, stressing that such measures were taken to circumvent US economic sanctions.
As News Front previously reported, for several years now, the US administration has been trying to destroy the Venezuelan economy with sanctions. Thus, a number of citizens of the Bolivarian Republic appeared on the Washington black list, allegedly in connection with human rights violations. Even foreign companies cooperating with Venezuela fell under sanctions. In particular, the oil sector of the South American country was repeatedly subjected to pressure. It is worth noting that Venezuela ranks first in the world in terms of oil reserves.