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Venezuelan President Maduro said the nation will circumvent the US dollar and the phase in use of its controversial petro token for oil sales starting next year.
According to a relationship From Thursday's TeleSUR state media network, Venezuelan President Maduro said the move aims to minimize the dominance of the dollar in the sector and to diversify the global market.
Maduro was quoted as saying to the press:
"In 2019, we have a program for [oil] to be sold in petros and in this way we continue to free ourselves from a currency that the elite of Washington uses ".
Reportedly, the president has a six-year financial plan to use the token to avert the crippling impact of US-led sanctions on the Venezuelan economy. The announcement of the plan – which provides for the start of exchanges in the petro with a series of currencies – comes after a meeting this week with Russian President Vladimir Putin in Moscow.
Maduro added that Russia is already trading oil and other products in the Chinese yuan and that Venezuela will follow its example, "progressively" moving to sell all its oil products in oil.
Last month, Manuel Quevedo, Venezuela's oil minister and president of the state-owned oil company PDVSA, announced that the country will present the petro to the Organization of Petroleum Exporting Countries (OPEC) in 2019, as the "main digital currency supported by oil".
The token was launched in pre-sale in February and Maduro has moved to integrate it into the fabric of the country's economy. Yet, even before the launch, the congress controlled by the opposition of the country named the illegal indebtedness against the nation's oil reserves.
Venezuela started sell petro to citizens in October through a government portal, saying that the token should be used by those seeking to obtain passports. It was also the new national currency of Venezueal, the sovereign bolivar Pegged at the petro in July.
Editor's Note: The statements were translated by the Spanish.
Petro sign image through Shutterstock
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