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Venezuela proposes to “OPEC” to adopt the “Petro” digital currency as a means of payment

Venezuela proposes to “OPEC” to adopt the “Petro” digital currency as a means of payment

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Answer Venezuela proposes to “OPEC” to adopt the “Petro” digital currency as a means of payment

The Venezuelan government is still sticking with its quest to make its Petro as an internationally recognized cryptocurrency, and although the results so far have not been very noticeable, it seems that the government is working hard to establish Venezuela as a crypto-based (or in the case of At least that’s what you’re trying to prove.

In a tweet posted on the official account of PDVSA (the state company responsible for oil production in the country), Minister Manuel Quevedo was quoted explaining the strategic benefits that the Petro will have and the country’s intention to establish it as a payment method acceptable to the member states of the PDVSA. OPEC (Petroleum-Exporting Countries):

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“We will take the (petro) currency to OPEC in 2019, as the leading digital currency backed by oil.”

The correct implementation of Petro as a legal tender is not an easy thing to accomplish

Venezuela has not really implemented the use of cryptocurrency, and the government’s efforts are focused on creating the necessary conditions for successful adoption. They have worked on the legal framework, changed the technological aspects, encouraged private investment, and in recent months, it seems, have increased their efforts on the geopolitical dimension.

Although the petro is already theoretically available with verifiable transactions in the blockchain, it cannot yet be exchanged for fiat money, and there is no possibility of trading with crypto tokens. This has led to skepticism and negativity among some members of the crypto ecosystem.

Previously, Venezuela had already expressed its willingness to offer the Petro currency as a means of payment at the international level. However, the issue went unnoticed due to a series of delays that had occurred when it was launched.

An article published by the Venezuelan newspaper “Panorama” reported that Venezuelan President Nicolas Maduro announced in February that he had already ordered Mr. Quevedo to coordinate the necessary measures so that Petro could be used in the “OPEC” as a medium of trading.

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“I have appointed the Minister of Petroleum and President of Petroleos de Venezuela, Manuel Quevedo, to work extensively with the OPEC General Secretariat in all steps, one by one, to ensure the performance of Petro, the Venezuelan digital currency.” According to what was announced at the Miraflores Palace, where he met with “Mohamed Barkindo”, Secretary General of the Organization of “OPEC”.

According to the Chinese news portal “Xinhua Net”: “The general secretary of the organization has requested this initiative and the offer will be made during the first half of 2019.”


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