Venezuelan President Nicolas Maduro proposed using Petro's national cryptocurrency in Russia to sell oil. This became known after his visit to Moscow on December 4-10, 2018, as reported by the Bitcoin.com news agency.
Nicolas Maduro reportedly promoted Petro tirelessly since his administration announced the creation of the first national cryptocurrency. Now, it is difficult to be sure that the Maduru ad campaign works. Venezuelans themselves have already felt how their wages expressed in national cryptography still fall, and the pension fund transferred to oil reserves is completely exhausted.
However, it is much more difficult to impose a virtual currency on other countries. During his recent visit to Moscow, Maduro tried to push the idea of tokenization of oil, offering Russia the opportunity to use Venezuelan coins in the finances of the oil industry.
Petro cryptocurrency and tokenizationToken
– is an accounting unit that is used to represent a digital balance in an asset.Details of oil in Russia
Speaking to journalists in the Russian capital, he said that Caracas intends to gradually introduce oil-supported cryptocurrency in its trade relations with international partners and has already prepared a schedule for this. The head of the Bolivarian Republic, who met with high-ranking Russian officials, including President Putin, added that his country would begin using tokens for all operations in the oil sector in 2019.
The news that the cryptocurrency will be on the agenda of meetings in Moscow came from Carlos Rafael Faria Tortosa, the ambassador of Venezuela in Russia, , who said that the Russian side is showing great interest in Venezuelan proposals. Later, Sergei Storchak, the Deputy Minister of Finance of Russia, confirmed that the oil tokenization project was submitted to Russian officials. However, the minister said that he does not plan to use cryptocurrency in bilateral trade with Venezuela soon.
Recall that this is not the first attempt of Caracas to sell tokenized oil to Russians. In April of this year, officials from both countries discussed the expansion of economic cooperation between their governments.
Following the meetings, the South American country announced plans to assemble Russian KAMAZ trucks and plans to pay for auto parts with "oil" crypto-coins. However, the agreement was not officially confirmed by representatives of the Russian Federation who visited Caracas.
Nicolas Maduro suggested using Petro's crypto-coin in Russia, but at this stage, it is not yet known whether the Russian government will stick to this proposal. As it became known from the local media, the president of Venezuela also tried to introduce a national crypto-coin in Belarus.
Editor: Pereyidenko Ihor