Venezuela Offers India Crude Oil On 30% Discount, Only If It Agrees To Pay In Cryptocurrency

Venezuela has offered India a 30 percent discount on crude oil purchase provided India uses the country¡¯s blockchain technology-based currency petro. According to the story by Business Standard, the South American country has offered in India this.

Put on a pre-sale on February 20, Petro is the world¡¯s first state-backed cryptocurrency tied to Venezuela¡¯s oil reserves. Venezuela¡¯s oil reserves are largest with 300 billion barrels whereas Saudi Arabia, the largest producer of crude is second to it with 266 billion barrels of reserves.

A team of experts from Venezuela¡¯s blockchain department was in India last month. It has also reported that they signed a pact with Coinsecure, a Delhi based bitcoin trading company to sell Petro in India.

Coinsecure Chief Executive Officer Mohit Kalra said Venezuela wanted to add Petro as a cryptocurrency on his network in order to trade bitcoin and the Indian currency.