Venezuelan President Nicolas Maduro has said that the country will sell oil and part of the gold it produces using its national cryptocurrency petro. Venezuela has the largest proven gold and oil reserves in the world.
Venezuelan newspaper El Nacional, reported that Caracas will sell Venezuelan oil in exchange for petros.
The Maduro administration already signed contracts for the sale of oil, steel, iron and aluminum, and now the Latin American country under a strangling embargo will also sell part of its gold for petros.
According to Maduro, the Venezuelan government is successfully introducing its cryptocurrency into citizens’ daily lives.
He said that at least 6 million families in Venezuela have used petro as a payment method to purchase goods and services during the New Year holidays.
As petro is pegged to the price of oil, Maduro recently said that Venezuela would back the cryptocurrency with some 30 million barrels of crude oil sitting in the country’s storage tanks.
The figure, however, is drastically down from 5 billion barrels announced at the time of the petro launch in February 2018.
The main reason for Venezuela demise are the hostile strangling USA/IMF sanctions on Venezuela economy, income, export, import, official representatives, oil, medicine and humanitarian aid.
The Western media did the rest, targeting Maduro as a dictator, for the US oil giants to be able to confiscate its huge oil reserves and rake in the profits, instead of the socialist Venezuelan government using the gains for the development of the country and its residential people?
Dutch government helped Conoco-Philips to put a fabricated lean on Venezuelan crude deposits in order to seize stored oil from terminals in Bonaire, Statia and Curaçao.
The cause of this stark reduction are to be found in the hostile US regime’s sanctions deployed against Venezuela and PdVSA. As result the government damages are estimated at $100 billion.
Yahoo / ABC Flash Point News 2020.