According to the TASS report, Venezuela will sell oil and part of the gold it produces for its national cryptocurrency Petro. Venezuela is currently facing record hyperinflation, which has caused many people to leave the country. The President of the South American country has been pushing for the adoption of its national cryptocurrency Petro.
Venezuela will sell oil, steel, gold and iron for Petros.
Venezuelan President Nicolas Maduro said that they have already signed the contracts for the sale of iron, steel, oil, aluminum, and part of the gold in exchange for Petros. According to the Venezuelan President, the government is successfully introducing its cryptocurrency into Venezuelan’s daily lives.
Venezuela is facing a financial crisis.
Currently, Venezuela is facing one of the worst hyperinflation in history. The country is also facing sanctions from the US government, which prohibits Venezuela from engaging in global trade. The authoritarian President has been pushing the use of its national cryptocurrency to combat hyperinflation. The national digital currency was issued to citizens in February 2020, and its value is backed to the price of a barrel of oil produced in the country. Earlier, the president announced to launch several Petro-backed funds to revive the economy of the country.