Maduro orders to start selling oil in cryptocurrency ‘petro’

Venezuelan President ordered PDVSA to sell 4.5 million barrels of crude oil in the cryptocurrency.

Venezuelan President Nicolás Maduro on Tuesday (01.14.2020) ordered the state-owned PDVSA to sell 4.5 million barrels of oil in the petro cryptocurrency from its physical reserves.

“I have ordered the sale of 4.5 million barrels of oil from the 430 million barrels of certified physical reserves currently maintained by PDVSA,” Maduro said in his annual balancing speech at the National Constituent Assembly (ANC), which is led only by Chave. sectarian. In addition, he assured that “when the sale of these 4.5 million barrels of oil is completed”, “as an exploration mechanism”, “periodic quotations of 50,000 barrels of oil per day” should be activated.

All this, the Venezuelan president stressed, “until the goal of selling all petroleum products in oil” is reached. In this way, “ecosystems and mechanisms” critical to the consolidation of oil”will be established, consolidated and expanded. Finally, with regard to the use of oil in PDVSA sales, Maduro ordered the sale of “all gasoline” for the state-owned company “for aircraft covering international routes” in the cryptocurrency.

In his opinion, “a lot of people don’t like switching to petrol because their business is done in dollars.” Among those who don’t like switching to cryptocurrencies are the “mafia of managers and thieves,” as he sees it, Venezuelan digital currency “cuts the hands of the mafia”.

Back in 2018, Oil Minister Manuel Quevedo assured Venezuela’s intention to “give the national cryptocurrency oil to the Organization of the Petroleum Exporting Countries (OPEC)” in order to convert the digital currency in the future of oil Soon after, Russia replied that representatives of the financial authorities of Eurasian countries had traveled to Venezuela to learn about the petro cryptocurrency, but they still did not intend to accept its use in bilateral transactions.

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Maduro launched the petro almost three years ago while trying to evade U.S. and European Union sanctions on a number of state officials and companies. But just days after it was launched, the U.S. banned its use. It was considered a crypto asset and was later defined as a certificate of savings. Venezuelan economists now refer to it as the “unit of account”.

Its use is linked to the so-called homeland card, a parallel census that Maduro’s government claims can monitor aid deliveries, which the opposition rejects on the grounds that it is used to blackmail voters.

Venezuelan President ordered PDVSA to sell 4.5 million barrels of crude oil in the cryptocurrency.