Venezuela’s president, Nicolas Maduro announced that the country would begin to trade oil and gold in petro.
Petro is the national cryptocurrency of Venezuelan and was announced in Oct. 2017.
We will sell Venezuelan oil and gold in exchange for petros Maduro said.
Already, Venezuela sell iron ore and steel for petros and have signed contracts for the sale of oil, steel, iron and aluminum.
Maduro overtime has been introducing the Venezuelan cryptocurrency into the everyday life of citizens.
In December, the country’s authorities transferred benefits in petros for the New Year holidays to pensioners and public sector employees
President Maduro claimed that the payment of pensioners and public employees through crypto in December was a good test of its use in daily transactions across the country.
Regarding this, Maduro said that the essay has been going well as the physical currency has not been used and the town has had its petrogauinaldo and has been making it effective in its accounts.
Venezuela humanitarian crisis which started since 2010 during the reign of previous president, Hugo Chávez had continued till now.
The crisis marred by hyperinflation have left Venezuela crippled as donor nations have failed to do good on their aid and rescue promises.
The country has remained underfunded throughout the crisis as the government tries to revamp the situation through launching of several programmes.
Recent report has it that President Nicolas Madauro will be setting up talk with the United States after months of international tension.
However, Maduro assured the country that this year, the country’s oil will be sold in its native cryptocurrency, Petro.
How crypto salvage lives in Venezuela and South America
LocalBitcoins, a company that facilitates exchange of local currency for bitcoins in South America has in an interview revealed the important roles bitcoin play in these economically ridden states.
LocalBitcoins revealed that digital assets allowed citizens in these nations enjoy autonomy over their own money.
The company’s representative said in his own words that bitcoin enables easy and direct access into the global economy through a very efficient and reliable financial system.
At the same time, the unpredictive nature of the digital asset allowed the P2P marketplace to be queried as to if bitcoin against other fiat assets would help the population during hyperinflation.
LocalBitcoin responded by giving in that it was difficult to draw a certain conclusion, solely from Bitcoin’s trade volume in these nations.