Venezuela to present its Crypto “Petro” to OPEC as a Unit of Oil

According to reports, the Venezuelan government will present its oil-backed cryptocurrency, the Petro, to the Organization of Petroleum Exporting Countries (OPEC) as a unit of account for oil.

This was made known by the Venezuelan minister of petroleum and the president of state-run oil and natural gas company PDVSA, Manuel Quevedo. He said that the Petro transactions will begin in the “first semester of 2019.”

This is according to a tweet by the ninister, it reads:

 

PDVSA further revealed Quevedo claimed the Petro is the future of the Venezuelan economy, and that “growth and economic prosperity are equal to the Petro.”

Quevedo, while speaking at the headquarters of the National Superintendence of Cryptoassets and Related Activities (Sunacrip), an organization created to “regulate the activities that are executed by natural and/or legal persons connect to cryptoasset,” stated:

“We will use Petro in OPEC as a solid and reliable currency to market our crude in the world… We are going for growth and economic prosperity of our country giving a hand to the future since the Petro is a currency that is backed by mineral resources.”

He added that the Petro is part of the country’s economic recovery plan, and as such all oil-based products are set to be commercialized in Petros. At the end of his speech, he called on all companies interested in working with him to “join his platform.”

Apart from pushing for the Petro to be accepted as a legal tender, the Venezuelan president, Nicolas Maduro, decided to launch a Petro savings plan that’s set to be available for 18 million Venezuelans.

It would be recalled that the oil-backed cryptocurrency was first put for sale to Venezuelans on October 31, and can be purchased with other cryptocurrencies like bitcoin and ethereum – but not with the country’s fiat currency, the bolivar.

However, the Petro has continued to receive critism from the opposition in the country and also from other international organizations.

Little is known if OPEC would accept the flow, which has been termed a controversial coin.

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