Venezuela offers discount for India to buy petroleum, if payment is in cryptocurrency

The discount is 30% if the country uses Petro for the payment, even because, the Venezuelan cryptocurrency was created to support the petroleum

Source: CCN

Venezuela has offered India a 30% discount on petroleum purchases if it buys it using its cryptocurrency, Petro. According to a report published by Business Standard, a team of experts from the blockchain department of Venezuela went to India last month to lead the deal.

Venezuelan experts have also signed an agreement with the cryptocurrencies exchange Coinsecure, to sell Petro in India. The currency, which was announced late last year, was backed by petroleum and should be officially launched in Venezuela after the presidential election on May 20th.

According to the executive director of Coinsecure, Mohit Kalra, Petro should be traded against Bitcoin and Rupee. The 30% petroleum discount came during the negotiations. “They are going to different countries and making different offers. For the Indian government the offer was to discount the purchase of petroleum”.

US President Donald Trump, on the other hand, has barred US citizens and residents from buying oil-supported cryptocurrency since it was created to circumvent US sanctions. Venezuela thanked Trump’s ban on Petro, saying it was free advertising that helped double the number of interested investors.

However, Business Standard has revealed that Venezuela plans to make Petro its official currency by 2020. The country has said that it will have a positive impact on its economy in “six-month terms”, and that it may charge for exports of the currency.