Maduro ordered to sell abroad 15% of Venezuela’s oil for cryptocurrency

From 2019 Venezuela should begin to export oil for the national cryptocurrency – petro. Following the announcement of the beginning of the use of petro in the calculations, President Nicolas Maduro announced the simultaneous appreciation of his course.

In accordance with the order of the Venezuelan President Nicolas Maduro, the state oil companies of the country are obliged to begin export oil for the petro cryptocurrency, according to El Nacional. For this cryptocurrency should be exported 15% of the total oil.

The order primarily concerns the national oil company PDVSA, the main operator in the country’s oil market. “Companies can trust me, let’s make the economy efficient over these six years” – Maduro said.

At the same time, the president announced a forced change in the cryptocurrency rate. It should rise from 9 thousand to 36 thousand bolivars.

The introduction of the national cryptocurrency petro, whose price rate should be provided by oil, Maduro announced in December 2017, amid ongoing hyperinflation in the country. According to the data of the opposition National Assembly of Venezuela, for 12 months by November 2018, the inflation rate in the country was 120,000%. Thus, by December, prices doubled on average every 19 days. The price of a roll of toilet paper, for example, in the market reaches 2.6 million Bolivars. At the same time, in accordance with the order of Maduro, the minimum wage in the country in 2019 should be 18 thousand bolivars.

Earlier, Maduro said that from 2019, Caracas intends to transfer all calculations in the country’s oil industry to cryptocurrency. “From 2019, all Venezuelan oil products will be sold to Petro gradually, in accordance with the existing schedule” said the Venezuelan leader to journalists after visiting Russia in early December. According to Maduro, he has already offered Vladimir Putin to transfer settlements between the two countries into cryptocurrency.

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Nicolas Maduro, who again won the presidential elections in May 2018, took office on 10th of January. He has held this post since 2013 (when the former leader of Venezuela, Hugo Chavez, died) and should remain the head of state until 2025.

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