The first thing that comes to our mind when we talk of Venezuelan President Maduro is his unwavering support for his national oil backed Petro cryptocurrency. Every then and now, Maduro has done his best to set up collaborations and ties with other countries to make Petro a success.
Last week, Venezuela had offered India a 30 percent discount on crude oil purchases. The discount, however, would be applicable only if India makes the payment in Venezuela’s own Cryptocurrency – PETRO CRYPTOCURRENCY
Read full details: Venezuela Is Now Offering 30% Discount To India On Crude Oil, If Bought With Petro Cryptocurrency
In another major development it’s turning out that Venezuelan President Nicolas Maduro has launched a ‘youth bank’ funded by Petro cryptocurrency.
The bank was announced by President Maduro recently at a youth ceremony in State of Aragura. He announced that the bank will be funded with 20 million Petros worth $1.2 billion and it will support “productive activities”. Maduro also noted the necessity of universities maintaining their own crypto mining farms to support the national economy.
The Petro cryptocurrency pre-sale, which was held from Feb. 20 to March 19 and reportedly raised $3.8 bln from 127 participating countries.
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