Venezuela's Cryptocurrency Will be Presented to OPEC as a Unit of Oil

PDVSA revealed that it would be presenting Petro Crypto to Organization of Petroleum Exporting Countries (OPEC) in 2019. PDVSA is an oil and gas company in the country, and it believes this digital asset will promote economic growth. Now the company’s request to OPEC is that the digital asset should be backed by oil.

Petro Crypto as The Future of The Venezuelan Economy

There are high hopes that this coin will become the future of the nation’s economy. In an earlier tweet, PDVSA said that the nation was moving towards growth and prosperity which is equivalent to the Petro crypto. Daniel Peña, the executive secretary of Blockchain observatory also presumes that this cryptocurrency will effect a change in the economy. Moreover, it will happen within a few months.
Manuel Quevedo, the country’s petroleum minister, was one of those with great expectations for the coin. In his opinion, Petro crypto will significantly improve the declining economy of the South American nation. While he was trying to get the certificate for the coin’s purchase, Quevedo had this to say;

We will use Petro in OPEC as a solid and reliable currency to market our crude in the world… We are going for growth and economic prosperity of our country

Digital Asset to be Used in Managing Other Crude Oil Derived Products

It is also expected that products that are generated from crude oil will be managed using this digital asset. The minister made this known while encouraging companies that were interested in crude oil products. These companies are asked to take advantage of the situation by being a part of the platform.
The Petros is known to be one of the few digital currencies that cannot be mined. Therefore, it is said to have its value from onset since it is backed by oil and mining wealth. Also, its whitepaper shows that it is not fully backed by oil because there are other resources.

Petro Crypto is Venezuela’s National Currency

In October this year, Petro crypto was made a national currency in the country. At that time, Venezuela’s president Nicolas Maduro told the press that the currency was on six of the major exchanges in the world. This is a currency that is also backed by resources such as diamond, gold, and aluminum.
The president also said that this digital asset would enable Venezuelans to carry out international transactions. Also, Petro coins will become a legal alternative to dollars when making payments for services including real estate. There are expectations that the currency will help to minimize the level of threat the black market has on the nation’s economy.

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