Venezuela has offered India a 30 percent discount on crude oil purchases. The discount, however, will be applicable only if India makes the payment in Venezuela’s own Cryptocurrency – PETRO CRYPTOCURRENCY
Petro cryptocurrency is the world’s first state-backed cryptocurrency tied to the South American country’s oil reserves which started its Token sales around Mid February this year. Many see this as the safest cryptocurrency, as Venezuela has the world’s largest oil reserves of 300 billion barrels. The world’s largest oil producer, Saudi Arabia, is a distant second, with 266 billion barrels of oil reserves.
According to reports, a team of experts from Venezuela’s blockchain department was in India last month, where they entered into a pact with Coinsecure, a Delhi-based bitcoin trading firm, to sell Petro cryptocurrency in India.
Coinsecure Chief Executive Officer Mohit Kalra said Venezuela was planning to add Petro as a cryptocurrency on Coinsecure, so they can trade Petro against Bitcoin and the Indian Rupee.
A senior Venezuelan official has indicated they have received response from the private sector in India.Kalra said the country mooted the idea of offering India at least 30 per cent discount on crude oil purchases through Petro cryptocurrency during the discussions. “They are going to different countries and making offers.”
“The offer that they have given to the Indian government is, you buy Petro and we will give you a 30 per cent discount on oil purchases,”
Venezuela also wanted to host a conference in India where its President Nicolas Maduro would have pitched for Petro. Based on the deal, Coinsecure is also providing them with White Label exchange solutions, all cryptocurrency players who want to trade in Venezuela will have to trade on that exchange.
“That would be run by their brand name, but the back-end will be us. We plan to provide them with 10-15 cryptocurrency players,” Kalra said.
Petro cryptocurrency will be launched after the presidential elections in Venezuela, which is slated to take place on May 20. Angel Gonzalez, vice-minister for hydrocarbons of Venezuela
“Petro will be an instrument for Venezuela’s economic stability and financial independence. We expect huge interest from countries like India,”
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