In a recent statement, Indian Foreign Minister, Sushma Swaraj, stated that India
does not have any plans to use the cryptocurrency created by the Venezuelan government called, “El Petro” for the oil trade between the two countries.

In order to entice their business, the Venezuelan government has offered a discount of up to 30% on the purchases of oil to the Indian government with the condition that the transactions are carried out using the Venezuelan cryptocurrency. With the aspiration of giving credibility to this highly criticized cryptocurrency, Venezuela would have sent a team to India to negotiate with Coinsecure, a leading cryptocurrency exchange, with the goal of establishing a platform for buying and selling Petro in the Asian country. The Venezuelan cabinet didn’t get an immediate response from the Indian government, however, doubts have been cleared after the statements of the minister.

It is necessary to remember that the Petro, the cryptocurrency created by the
Venezuelan government at the beginning of this year, is promoted by the President
of the Latin American nation, and is said to be backed by oil reserves, which are under heavy US sanctions. The use of the Petro has been denied and rejected by the governments of the region, alleging instability and the lack of foundation in its operation.


by Emanuel Andrade


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