Venezuela begins selling oil for Petro tokens.

Venezuelan President Nicolas Maduro announced the start of sales of Venezuelan oil for the national cryptocurrency Petro.

The president said that not only oil, but also Venezuelan steel, iron and aluminum will be shipped for Petro. Later, Venezuelan gold will be added to this list.

Nicolas Maduro has already signed a decree on the sale of 4.5 million barrels of oil produced by the state-owned company Petroleos de Venezuela SA for Petro cryptocurrency.

Speaking to the Constituent National Assembly, Maduro said that soon all transactions for the sale of oil will be carried out in the national cryptocurrency.

Launched in February 2018, the Petro coin is provided by Venezuelan gold and oil. The Venezuelan government assures that the currency is provided with a huge oil reserve and is actively promoting the use of the national cryptocurrency as an alternative to the US dollar.

Maduro claims that the Petro coin was successfully introduced into the financial infrastructure of the country by the Venezuelan government. The President is confident that soon many Venezuelans will use Petro coins in their daily lives.

Maduro announced the launch of the national petro cryptocurrency in October 2017. Its sales began on February 20 2018. Its cost is equal to the price of a barrel of oil produced in the country.

In September Coin Rivet’s Christina Comben wrote about how cryptocurrencies like Bitcoin and Dash have been gaining a lot of traction in Venezuela as a result of the economic turmoil.

In July 2019 Maduro ordered the country’s largest bank to open special desks for the nation’s cryptocurrency.

The South American leader issued a state order instructing the Banco de Venezuela to accommodate the Petro at all 790 of its branches.

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