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Venezuela The Petro cryptocurrency has gained considerable traction not only in the country but also throughout the world. The country is optimistic that the digital currency will solve inflation. President Maduro announced yesterday that the country will stop using the US dollar and will start using the Petro token for all oil related purchases.
Petro Criptovaluta to be used for oil purchases
As noted by many cryptocurrency press agencies, the president is of the idea that the decision to stop using the US dollar for oil purchases will reduce the dollar's dominance in the sector. The introduction of the Petro token into the oil sector will further increase its adoption and diversify the global market.
In his statement, President Maduro said his team has a plan to sell oil to Petro as a way to free the country from a currency that Washington's elite uses. He also stated that a six-year financial plan will be implemented to solve the paralyzing impact that US sanctions have brought on the Venezuelan economy.
One of the aspects of this financial plan is the creation of a trading platform that allows traders to exchange Petro with a wide range of other digital and fiat currencies. In particular, this announcement was made a few days after the meeting with President Vladimir Putin in Moscow, Russia.
President Maduro also said that Russia has already implemented a similar plan: it is currently using the Chinese yuan to trade oil and other related products. He hopes that Venezuela can do the same and avoid using the US dollar completely.
It is also important to note that the current oil minister in Venezuela and the president of PDVSA, a state oil company, have recently announced that they will present Petro as the world's primary cryptocurrent backed by oil. The presentation will be carried out in the Organization of the meeting of Petroleum Exporting Countries (OPEC) scheduled for 2019.
The launch of Venezuela Petro Criptovaluta
Venezuela Petro cryptocurrency was launched in February in a widely traded pre-sale period. Shortly after the launch, President Maduro announced his full support for the cryptocurrency and integrated it into the country's economy.
However, cryptocurrency was made available to thousands of Venezuelans through the government portal in October 2018. In an attempt to further promote adoption, the government announced that anyone wishing to apply for a passport would have to pay taxes for the questions using the Petro token. In July, the cryptocurrency was anchored to the bolivar of the fiat currency of the country.
