Venezuelan President Nicolas Maduro said that the country is going to sell its oil and part of the
gold reserve for the Petro cryptocurrency.
“We are going to sell Venezuelan oil for Petro. We are already selling Venezuelan iron and steel
for it. We have signed a contract for the sale of oil, steel, iron, aluminum and part of the
extracted gold for PTR”
- Maduro reported to the Venezuelan newspaper “El Nacional”.
The government of Venezuela is successfully implementing its cryptocurrency in the daily life of
the citizens. He said that approximately 6 million families in Venezuela used Petro to pay for
their New Year’s purchases. Even the hashtag #PetroApp was created.
The creation of Petro was announced in October 2017, and its sales started in February 2018.
According to TASS, the price of one PTR is equal to the price of an oil barrel in Venezuela (the
price of WTI oil is about $63).
Since Petro is connected with the price of oil, Maduro said that Venezuela will support the
cryptocurrency with about 30 million barrels of crude oil of the country’s reserves. However, this
figure has sharply decreased from 5 billion barrels announced when Petro`s sales started in
February 2018.