Venezuela In Talks With India to List Petro On Indian Exchange Coinsecure

Elias Hubbard
May 2, 2018

Nevertheless, there are no official proofs that institutions mentioned above will list the Petro.

Venezuela has offered India a 30 percent discount on their crude oil purchases, but only if India makes use of the newly introduced Petro coin, which operates through the blockchain, or distributed ledger-based technology, The Business Standard reported. As covered by CCN, the oil-backed cryptocurrency was announced late a year ago and has been sold to investors.

Nicolas Maduro has authorized 16 cryptocurrency exchange services in his country in hopes that they will adopt the Venezeualan cryptocurrency "Petro" onto the worldwide market.

The Petro is a cryptocurrency which was developed by the government of Venezuela and was launched sometime in February 2018, the same month it also had its pre-sale which according to reports was able to raise over $3.8 billion and attracted investor from over 127 countries around the world.

"They are going to different countries and making offers". The deal stands thus: Venezuela will offer 30% discount on crude oil purchase if India agrees to sell cryptocurrency Petro.

These recent developments have come at a time when the pre-sale of the Petro cryptocurrency has made its final rounds. Maduro also reportedly considered coming to India for a conference to officially pitch his financial brainchild.

Kalra said, "That would be run by their brand name, but the back-end will be us".

Angel Gonzales, Venezuela's vice-minister for hydrocarbons, told Business Standard that the country's government expects countries like India to have a "huge interest" in its cryptocurrency. "We plan to provide them with 10-15 cryptocurrency players", Kalra said.

The white paper of Petro initially stated that the cryptocurrency would be on the Ethereum platform, though later on the launch date the white paper was changed and the platform was to be with NEM, a peer-to-peer cryptocurrency and blockchain platform launched on March 31, 2015. Moreover, it has been called a "scam" by the Trump administration and just an underhanded way for the nation to circumvent internationally imposed sanctions.

Although its a notable offer for India but one thing to keep in mind is that last month the US President Donald Trump has signed an executive order prohibiting transactions in any Venezuelan government-issued cryptocurrency by a United States person or within the United States.

Some investors, however, are still skeptical when it comes to the Petro.

"Even if oil backs it, it is more of centralized currency".

Reports show India's oil imports from Venezuela average around 300,000 barrels per day (bpd) between November 2017 and February this year.

Other reports by Click Lancashire

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