• 324 days Could Crypto Overtake Traditional Investment?
  • 329 days Americans Still Quitting Jobs At Record Pace
  • 331 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 334 days Is The Dollar Too Strong?
  • 334 days Big Tech Disappoints Investors on Earnings Calls
  • 335 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 337 days China Is Quietly Trying To Distance Itself From Russia
  • 337 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 341 days Crypto Investors Won Big In 2021
  • 341 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 342 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 344 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 345 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 348 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 349 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 349 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 351 days Are NFTs About To Take Over Gaming?
  • 352 days Europe’s Economy Is On The Brink As Putin’s War Escalates
  • 355 days What’s Causing Inflation In The United States?
  • 356 days Intel Joins Russian Exodus as Chip Shortage Digs In
Art Is Now An Algorithm

Art Is Now An Algorithm

Robot artist Sophia is having…

Oilprice.com

Oilprice.com

Writer, OilPrice.com

Information/Articles and Prices on a wide range of commodities: We have assembled a team of experienced writers to provide you with information on Crude Oil,…

Contact Author

  1. Home
  2. Cryptocurrencies
  3. Other

Venezuela Offers Discount Crude For Crypto

Petro

Venezuela has offered India a 30-percent discount on crude oil purchases, but only if India agrees to pay in El Petro, the cryptocurrency that Venezuela is touting as the first national digital currency backed by crude oil reserves, the Indian outlet Business Standard reports.

Venezuelan blockchain department experts visited India in March and struck an agreement with Delhi-based Bitcoin trading firm Coinsecure to sell the Venezuelan cryptocurrency Petro in India, Business Standard reported, quoting multiple sources.

Maduro’s propaganda machine is touting the digital coin as a ‘ground-breaking’ first-ever national crypto currency, El Petro—backed by 5 billion barrels of oil reserves in Venezuela’s Orinoco Belt. But most observers see this crypto issuance as a desperate attempt to skirt U.S. financial sanctions.

In March 2018, U.S. President Donald Trump banned U.S. purchases, transactions, and dealings of any digital coin or token issued for or by the government of Venezuela.

Now Venezuela wants to add the Petro as a cryptocurrency on Coinsecure to trade Petro against Bitcoin and the Indian rupee, according to Coinsecure CEO Mohit Kalra quoted by Business Standard.

“They are going to different countries and making offers. The offer that they have given to the Indian government is: you buy Petro and we will give you a 30 per cent discount on oil purchases,” Kalra told Business Standard. Related: The Hottest Investment Sector Of The Year

Earlier this month, Coinsecure said that US$3.5 million worth of Bitcoins had been stolen from the exchange and blamed for this its Chief Security Officer (CSO) Amitabh Saxena. Investigation is still under way, Coinsecure said on Sunday.

Meanwhile, India’s crude imports from Venezuela—whose oil industry is collapsing rapidly—dropped to around 300,000 bpd between November 2017 and February 2018, down by 20 percent on the year, to the lowest level since 2012, Reuters reported in March, citing data from shipping and industry sources.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment