In Venezuela, the state-owned oil company PDVSA has since August 20th completely switched over to settlements on monetary transactions in the Bolivarian “petro” cryptocurrency. This was stated by the President of Venezuela, Nicholas Maduro, speaking on the air of the national television.
Maduro called the complete transition of the oil company PDVSA to operations in the Venezuelan crypto currency Petro “a global change of the entire monetary system.”
The President of Venezuela also expressed other proposals on how to solve the economic problems in the country.
Maduro acknowledged that the situation in which the Venezuelan economy is so dependent on revenues from oil sales should change. The Venezuelan leader, in particular, proposed to engage in the development of the tourism industry, as well as to increase the production of gold and minerals.