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IPFS News Link • Venezuela

Venezuela Offers India 30% Discount On Oil...If It Pays In Crypto

• https://www.zerohedge.com, by Tsvetana Paraskova

Venezuelan blockchain department experts visited India in March and struck an agreement with Delhi-based Bitcoin trading firm Coinsecure to sell the Venezuelan cryptocurrency Petro in India, Business Standard reported, quoting multiple sources.

Maduro's propaganda machine is touting the digital coin as a 'ground-breaking' first-ever national crypto currency, El Petro—backed by 5 billion barrels of oil reserves in Venezuela's Orinoco Belt. But most observers see this crypto issuance as a desperate attempt to skirt U.S. financial sanctions.

In March 2018, U.S. President Donald Trump banned U.S. purchases, transactions, and dealings of any digital coin or token issued for or by the government of Venezuela.


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