Venezuela has given India an offer of 30 % discount on crude oil purchases. But this discount is only valid if India uses “Petro”. Petro is Venezuela’s state-backed cryptocurrency.

A lot of people think Petro is a safe cryptocurrency. Because Venezuela is the world’s largest oil producer with 300 billion barrels. The second largest is Saudi Arabia with 266 billion barrels.

A Report states that India imports oil from Venezuela. And 300,000 barrels per day (BPD) is imported between 2017 and 2018.

Petro’s Deal in India

Last month, a team of experts from Venezuela’s blockchain department visited India. They made a deal with Coinsecure, a bitcoin trading firm in India. the deal was to sell Petro in India.

Venezuela wanted to add Petro as a cryptocurrency on Coinsecure, so they can trade Petro against bitcoin and the rupee. said Mohit Kalra CEO of Coinsecure.

Petro has already raised 3.8 billion. This amount has been raised from 127 counties around the world.

The offer that they have given to the Indian government is: you buy Petro and we will give you a 30 percent discount on oil purchases,” Kalra said.

Petro to plan conference in India

Venezuela’s President Nicolas Maduro wants to host a conference in India. This conference is to pitch for Petro.

Coinsecure will be providing Petro with White Lable exchange solutions. Trading in Venezuela’s Petro will be through Coinsecure in India, said Kalra.

“Petro will be an instrument for Venezuela’s economic stability and financial independence. We expect huge interest from countries like India,” Angel Gonzalez, vice-minister for hydrocarbons of Venezuela, told Business Standard,

The US has imposed a ban on Petro. But Venezuela is planning to launch Petro in a month of may and make it as its official currency by 2020.


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