Venezuelan government is planning to put its state-issued currency, Petro into use, by purchasing Russian auto parts. Ministers from both countries have discussed the use of the Petro in bilateral transactions during a high-level meeting in Caracas. Possible Russian crypto investments are also on the agenda.
The two governments also discussed about other joint projects pertaining to areas like energy, construction, and the military. The ministers have also talked about the use of Venezuela’s Petro in international transactions.
It is believed that Venezuela and Russia have been wanting to increase the volume of their bilateral trade by at least 30 percent this year. The two sides have discussed other strategic projects, including an alliance between the energy companies Rosneft and Petroleos de Venezuela.
Last month U.S. president Donald Trump signed an executive order banning American citizens from using the Venezuelan Petro. Russia may have been involved in its development. However, officials in Moscow have rejected the allegations.
The administration of President Nicolás Maduro launched the Petro in February. Authorities in Caracas claim they have raised $735 million USD with the pre-sale of the government-issued cryptocurrency. More than 200,000 orders from 133 countries have been placed during the 30-day period.
From March 23 the Venezuelan Cryptocurrency can be purchased with Russian rubles, Chinese yuan, Turkish lira and euro, as well as with cryptocurrencies like bitcoin. Real estate deals in Petro will be authorized on April 20.
With the announcement of certain partnerships and trading business between Russia and Venezuela, after Trump put a ban on Petro, it can be expected that Petro is rising to the forefront of cryptocurrencies again.
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