Venezuela intends to receive payments for oil exports in its national cryptocurrency El Petro. This is noted in a statement by President Nicolas Maduro.
Maduro said that Venezuela is already selling iron and steel for Petro, and now has concluded additional contracts, thanks to which aluminum, oil and gold will be added to this list. He also confirmed that the country went for such measures because of the economic sanctions imposed by the United States on it.
According to the president, Venezuela is successfully introducing cryptocurrency into the daily lives of its citizens. For example, in December, Petro benefits were paid to civil servants and retirees. The current progress in distributing and testing Petro can be described as “very positive.” Residents of the country are already using cryptocurrency to store funds and make settlements, he added.
Maduro recently reported that around 30 million barrels of oil in storage will be used to secure the El Petro cryptocurrency.
The Venezuelan authorities also intended to attract Russia to the construction of social housing. To finance it, they had to use the national cryptocurrency El Petro.
Maduro also announced that he will create several public funds based on El Petro cryptocurrency. The creation of state funds should strengthen the economic development of the country and overcome instability.