VENEZUELA BEGINS TO SELL OIL FOR THE NATIONAL CRYPTOCURRENCY PETRO

Venezuela is one of the few countries that decided to launch a national cryptocurrency. As previously reported, this year the country plans to export 15% of the extracted oil for Petro.

According to El Nacional, Venezuelan President Nicolas Maduro has already signed a decree. The order will mainly affect the main operator in the oil market – PDVSA. The President said that companies can trust this operator and together significantly affect the country’s economy in the next 6 years.

It should also be noted that Nicolas Maduro also recently announced a forced increase in the course of Petro for 4 times – from 9 to 36 thousand bolivars.

Recall that in late summer last year in Venezuela held a denomination. As part of this reform, 5 zeros were removed from the national currency notes and the already updated currency, which was called “sovereign bolívar”, was tied to the national crypto currency Petro. The cost of Petro is tied to oil prices.

Venezuela is considered to be a record-breaking country in terms of inflation. Last year, the inflation rate in the country reached 200 thousand percent. At the same time, the growth of prices for the year amounted to 1.29 million percent.