From 2019, Venezuela will Only Sell Oil Products by its Crypto Petro, Maduro said

[ChainDD report] December 7 (ChainDD) “I inform you that in 2019 all oil products of Venezuela will be sold for Petro in a progressive manner in accordance with the existing schedule,” Venezuelan President Nicolas Maduro said on December 6 in an address video, according to Russian media Sputnik.

ChainDD noted that in the end of November, Maduro announced through his Twitter account that the value of the resources-backed national cryptocurrency Petro is set at 9,000 fiat currency bolivars. The move means he artificially increased Petro’s value by about 150%, for Venezuela formerly set exchange rate of Petro to bolivar as 1: 3600.


Share Wechat