Venezuela will sell oil only for the cryptocurrency

Венесуэла будет продавать нефть только за криптовалюту

Next year Venezuela will sell oil only for national cryptocurrency Petro.

From 2019 all the oil production of Venezuela will be sold only for the national cryptocurrency of Petro. This was stated by President Nicolas Maduro in a video message on Twitter.

The Venezuelan leader also said that during his visit to Moscow suggested the Russian authorities to move to payments in the cryptocurrency.

“We told Russia about the possibility of Petro. The use of Petro as funds for commercial settlements with Russia is brought to the joint Committee in March,” he said.

We will remind, the President of Venezuela announced the creation of a national cryptocurrency in December 2017. Due to hyperinflation and the fall of oil production, the Venezuelan government initiated a large-scale monetary reform. From 20 August the national currency is tied to the rate of cryptocurrency. Since October, Venezuela uses Petro in international trade.

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