The Strategist

Maduro to sell 4.5 mln oil barrels for Petro cryptocurrency

01/15/2020 - 09:44

This is almost one sixth of all certified (state) reserves of the country.

Presidencia El Salvador
Presidencia El Salvador
Nicolas Maduro signed a decree on the sale of petroleum for the Venezuelan cryptocurrency. 

In the near future, the state-owned company PDVSA will sell 4.5 million barrels out of 30 million for digital money. This oil is listed in certified reserves.

After the implementation of this decree, the Venezuelan producers must daily exchange 50,000 barrels for El Petro, "until the goal of transferring the sales of all produced oil to Petro is fulfilled."

Total Petro-fication of the energy industry was not spared by foreign companies either: now planes of foreign air carriers will be able to refuel in Caracas only in exchange for the digital currency of Venezuela.