Venezuela Offers India a 30% Discount on Oil if Purchase is Made with Petro

Venezuela Offers India a 30% Discount on Oil if Purchase is Made with Petro

International Payments Regulation
May 25, 2018 by Jaime Gutt
171
Venezuela’s government-backed cryptocurrency, the Petro, has been quite the storyline since its launch earlier this year. The first state-issued cryptocurrency in history has been met with plenty of fire from many countries and world leaders. President Trump went as far as issuing an executive order in order to ban the digital currency from the United
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Venezuela’s government-backed cryptocurrency, the Petro, has been quite the storyline since its launch earlier this year. The first state-issued cryptocurrency in history has been met with plenty of fire from many countries and world leaders. President Trump went as far as issuing an executive order in order to ban the digital currency from the United States. Nevertheless, Venezuela is evidently vying for a more accepting world, concerning the Petro. President Nicolas Maduro ordered earlier this month, that all government institutions must accept the Petro as a form of payment as if it were fiat currency. In addition, Venezuela has offered India a 30% discount on oil only if they make their purchase with the Petro!

Unsurprisingly, the Petro has sparked controversy. With the coin being issued by a fascist, authoritarian government, sanctions have been imposed, leaving countries and individuals wanting to back away from the coin. Regardless of all the opposition, the Venezuelan government is doing its best to increase transactions made in Petro, especially high-volume ones. Venezuelan cryptocurrency experts have recently made their way to India to sign a contract with Coinsecure, the most prominent digital asset exchange in the country. With this deal, Coinsecure would begin listing Petro in their exchange as a tradeable digital asset for Indian citizens. Coinsecure would become one of the only sources from which to buy Venezuela’s state-backed Petro.

The Indian government is yet to accept Venezuela’s offer to buy oil at a 30% discount through the use of the Petro. If India were to accept, it would be a giant leap for Maduro’s regime and for the Petro. Furthermore, it would be a huge statement for India, to proceed with the deal while being faced with so many sanctions from world leaders. It may not be wise for India to associate itself with the government of Venezuela. Venezuela does aim to make the Petro its primary currency and its main mean of transactions by the year 2020. That goal undoubtedly seems quite ambitious as of now.

 

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