Venezuela Proposed For All OPEC Countries To Develop Oil-Backed Digital Currencies

Amid the meeting on Tuesday with Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), Mohammed Barkindo, Maduro proposed for all OPEC countries to meet up and build up a platform for the trading of oil-backed digital currencies.

OPEC comprises of 14 countries: Algeria, Angola, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and Venezuela. “I will officially send all the OPEC producers a proposal,” Maduro declared and extended the invitation to non-OPEC nations, saying:

“I will officially propose to the OPEC and non-OPEC countries that we adopt a joint cryptocurrency mechanism backed by oil.”

Venezuela as of late published the whitepaper for its own oil-backed digital currencies. A private pre-sale of the petro will be held on February 20, trailed by an underlying coin offering (ICO) in March.

In addition to “5 billion barrels of oil support the petro,” Maduro confirmed that “we will also support our cryptocurrency with precious minerals from our land,” adding:

“I have explained to Mohammed Barkindo the goodness of the petro. The cryptocurrency is the world of the future. I am very excited as well as the people of Venezuela.”

According to the petro’s whitepaper:

“The Bolivarian Republic of Venezuela guarantees that it will accept petros as a form of payment of national taxes, fees, contributions and public services.”

“The Venezuelan government is committed to promoting the use of petro in the domestic market and making efforts to stimulate its acceptance throughout the world,” the whitepaper reads. “The State will actively assume the commitment to promote the adoption of petro, encouraging the growth of its national and international user base.”

In addition, “The use of petro will be promoted by PDVSA and other public and joint ventures, as well as national public entities and regional and local governments,” the whitepaper also revealed. On Tuesday, the Superintendency of Cryptocurrencies announced that the “PDVSA will use the petro in its business relations.”

Besides, the Superintendency gave extra data about the beforehand announced Petro Container, expressing that they are “for the massification of mining farms in high schools, universities, university villages and popular sectors.”