Venezuela to Sell Oil for Petro Cryptocurrency in 2019, Says Maduro
Venezuelan President Maduro said he will avoid the US dollar and phasing out regulations by using controversial Petro tokens for oil sales next year.
Venezuelan President Maduro Venezuela said the move aims to minimize the dollar dominance of the industry and diversify the world market, according to a report by the State Media Network (TeleSUR).
Maduro quoted in the press:
"In 2019 we have plans to sell [oil] to Petro and in this way free us from the money that the elites of Washington use."
President Bush says he has a six-year financial plan to use this token to prevent US-led sanctions from affecting Venezuela's economy. The announcement of the plan, which starts oil trading in various currencies, came after talks with Russian President Vladimir Putin earlier this week in Moscow.
Maduro added that Russia is already trading petroleum and other products in the Chinese yuan and that Venezuela will move "gradually" to sell all petroleum products to Petro.
Last month, Venezuela's oil minister, PDVSA, Manuel Quevedo, told the Organization of Petroleum Exporting Countries (OPEC) in 2019 that the oil "is a currency backed by state digital oil."
This token began in February with pre-sales, and Maduro moved to integrate it into the national economic structure. But before the launch, the opposition – controlled Congress called oil illegal borrowing against the country 's oil reserves.
In October, Venezuela began selling petro to citizens through a government portal. The token must be used by passport holders. The sovereign state, the new national currency of Venezuela, was also fixed on oil in July.
Editor's Note: The announcement has been translated in Spanish.
Petro signature image through Shutterstock
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