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News > Latin America

OPEC: Venezuela to Trade Oil With Petros

  • OPEC: Venezuela to Trade Oil With Petros
Published 8 November 2018

From 2019 the Venezuelan state will use its cryptocurrency in oil-related international transactions.

The Government of Venezuela announced that the cryptocurrency Petro will be submitted to the Organization of Petroleum Exporting Countries (OPEC) as a unit of account for oil transactions. This virtual money is the world's first cryptocurrency issued by a state and backed by natural resources such as oil, gold, iron, and diamond.

Venezuela: The Petro Makes First Kick-off

The Venezuela Minister for Petroleum Manuel Quevedo, who is also the president of the state-owned oil company Pdvsa, indicated that transactions using Petro will begin to take place from the first semester of 2019.

"We will use Petro in OPEC as a solid and reliable currency to market our oil in the world," Quevedo said from the headquarters of the National Superintendence of Cryptoactives and Related Assets (Sunacrip).

The minister also pointed out that this cryptocurrency is a fundamental part of the economic recovery of the South American nation given that all Venezuelan petroleum products will be traded in Petros.

President @NicolasMaduro called on the Venezuelan people to motivate themselves to know the application scheme of currency the Petro, a digital currency which aims at fostering international trade so as to overcome the U.S. financial blockade.

"We are going to growth and economic prosperity of our country giving a hand to the future since Petro is a currency that is backed by mineral resources," the Minister of Petroleum added.

Quevedo also called on companies interested in acquiring crude oil products to join this platform.

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