At the end of April, Venezuela had extended an offer to India giving a 30 percent discount on crude oil purchases. The discount, however, was meant to be applicable only if India makes the payment in Venezuela’s own Cryptocurrency – PETRO CRYPTOCURRENCY.
India said on Monday it had no plans to use Venezuela’s local cryptocurrency ‘PETRO’ in oil trade with the Latin American nation, which is facing sanctions from the United States. Responding to a question at a news conference, India’s External Affairs Minister Sushma Swaraj cited an order by the country’s central bank saying it did not allow trade using cryptocurrency.
Swaraj told that India abides by sanctions imposed by the United Nations and not those imposed by any other country, such as ones announced by the United States against Iran.
She made a statement saying,
“India follows only UN sanctions, and not unilateral sanctions by any country,”
The scenario on the use of cryptocurrencies and their trading in India has been going through a whirlwind. With Reserve Ban of India imposing a ban on cryptocurrency dealings via its authorized banks, many cryptocurrency firms and investors in India have filed a petition in the Supreme Court urging to lift the ban. The current status is not clear and the next hearing in due in July.
Read More: Indian Crypto Industry Restless As It Awaits Clarity from RBI and The Supreme Court
However, last week, it was in the headlines that the Indian government might impose an 18% GST on Cryptocurrencies as they feel that the status of cryptocurrency is unclear in India. The proposal is being examined by the Central Board of Indirect Taxes and Customs. The same will also be seen and analyzed by the GST Council before coming up to a conclusion.
Read More: Indian Govt. May Levy 18% GST on Cryptocurrencies
In any case, Venezuela’s president Nicolas Maduro has been doing his best to incorporate the use of Petro nationally and internationally both, most of the capital which will me put to save the crashing economy of Venezuela
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