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A new initiative of Venezuela aimed at boosting Petro adoption presupposes making it the main digital currency backed by oil.
It looks like Venezuela will never leave its hope to make the world’s oil markets start using its controversial national cryptocurrency known as Petro that is puzzling the entire crypto community.
The Venezuelan government seems to stay firm in their decision to position Petro as an internationally recognized cryptocurrency. The country’s minister of petroleum, Manuel Quevedo, who is also the president of state-owned oil company PDVSA, posted a tweet telling that Venezuela is going to take Petro to the Organization of the Petroleum Exporting Countries (OPEC) in 2019, as the “main digital currency backed by oil.”
“Petro will become the digital currency of oil transactions worldwide; we will present it to OPEC, it is one of the internationalization measures of the currency.”
This initiative is believed to make possible for Venezuela to start using the token to market its oil from the first quarter of next year. Moreover, the government assumes that such a step will enable them to strengthen the country’s economy and ensure growth and prosperity.
Businesses that are interested in oil products of Venezuela have already been invited to register on the country’s national cryptocurrency platform. What is more, as it has become known, airlines and shipping companies have also received an invitation to create a digital wallet to carry out transactions using petro.
Other Initiatives to Boost Petro Adoption
Though there is a widespread opinion that something is wrong about Venezuela’s Petro cryptocurrency and that it is nothing more than just hot air, Nicolas Maduro, the country’s president, is not going to stop realization of his initiatives aimed at boosting Petro adoption.
According to a recent government release, users who will buy Petro certificates during the exchange period from November 6 till December 31, will have an opportunity to exchange the cryptocurrency for any other crypto or “convertible currency in the world.”
This step represents itself a part of a new government’s savings plan. It is reported that 4 million Petro will be available for purchase and it will be possible to buy certificates using the Bolivar, Venezuela’s fiat currency.
Nevertheless, the above mentioned initiatives are not the first ones on the way. In August, the Banco Central de Venezuela, Venezuela’s central bank, introduced an Android app. The aim of this initiative was to help the country’s residents convert the country’s old fiat currency Bolivar into the newly launched Petro-pegged Bolivar Soberano.
Almost simultaneously Maduro ordered banks to adopt Petro as a unit of account. Now all public and private banks in the country are obliged to present all financial information in Bolivars and Petros. One of the latest initiatives is making it obligatory to pay for passports in Petros.