Venezuela, a South American country with the largest oil reserves in the world, has offered India a deal – 30 per cent discount on crude oil only if India decides to buy it through digital currency. The 30 per cent discount on crude oil, which recently touched a whole new high of $75 a barrel, seems attractive, but India’s disinterest in promoting as well as trading in cryptocurrency could pose a hurdle.
According to reports, Venezuela’s blockchain-based digital Petro is the world’s first state-backed virtual currency that recently tied up with a Delhi-based digital currency exchange Coinsecure. The bitcoin trading company will now sell oil-backed cryptocurrency Petro in India. Launched last year by the Venezuelan government, Petro is set to be formally recognised after the presidential elections in the country on May 20. Petro was put on pre-sale on February 20, following which the digital currency has raised over $3.8 billion so far.
Read more at: Business Today