Venezuela Offers India 30% Discount on Crude Oil; Clause: Pay via Cryptocurrency

Venezuela has offered India a 30 percent discount on crude oil purchase provided India uses the country’s blockchain technology-based currency petro.
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.
FYI: India has pretty much killed cryptocurrencies.

Leave a Reply