The Strategist

Maduro grants petro cryptocurrency loans to large farmers

04/23/2020 - 03:18

President of Venezuela, Nicolas Maduro, on television broadcasts announced issuance of loans in the national cryptocurrency Petro to companies engaged in the production of grain.

Eneas De Troya
Eneas De Troya
"For sowing grain, we will issue a loan to Agrosur company in the amount of 566 thousand petro. Petro finances the production!" - President said before handing the check for the cryptocurrency to the company’s CEO.

According to the latest official data, the petro rate is just over $ 55, so the largest cryptocredit loan issued today exceeds $ 31 million. Two weeks ago, the value of cryptocurrency tied to Venezuelan oil was 30% lower.

In January, President Maduro signed a decree authorizing the sale of oil for petro and noted that the goal is to convert the entire sale of oil in the country to petro.

Petro was put into circulation on February 20, 2018. Venezuela became the first country with its own cryptocurrency, which is supported by oil reserves. Maduro initially determined the price of one petro at the price of one barrel of Venezuelan oil, or $ 60.