The President of Venezuela, Nicolas Maduro ordered the sale of a sixth of the state’s oil reserves using the digital currency El Petro. State-controlled oil company PDVSA is preparing to sell 4.5 million barrels of black gold for El Petro.
After this amount of oil is sold, the corporation should switch to a daily exchange of 50 thousand barrels for state token. This will be a transition period until the Venezuelan oil industry completely turns to cryptocurrency payment. Besides, fuel for aircraft that operate international voyages will also be sold for El Petro only.
Just last month, President Maduro announced that the national cryptocurrency rate will be backed by more than 30 million barrels of oil that are in state tanks.
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