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03 January 2020, 17:57

Venezuela to sell oil for petro cryptocurrency

MINSK, 3 January (BelTA) – Venezuela will sell oil and part of its gold output for the petro cryptocurrency in 2020, Venezuela President Nicolas Maduro said, BelTA has learned.

“We are going to sell Venezuelan oil in exchange for petros. We already sell iron ore and steel for petros. We have signed contracts to sell oil, steel, iron and aluminum, and we intend to sell part of the gold we produce for petros," El Nacional newspaper quoted Nicolas Maduro as saying.

Venezuela is successfully introducing cryptocurrency into citizens' daily lives. Ahead of the winter holidays, the country's authorities transferred benefits to pensioners and public sector employees in petros, which helped analyze the use of the cryptocurrency in day-to-day transactions in the country, Nicolas Maduro said. At least six million households in Venezuela used petro to pay for goods and services during the holiday season.

The petro was launched on 20 February 2018. Its price is equal to the price of a barrel of oil produced in the country.

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