Venezuela Offers India Crude Oil On 30% Discount, Only If It Agrees To Pay In Cryptocurrency

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Venezuela has offered India a 30 percent discount on crude oil purchase provided India uses the country’s blockchain technology-based currency petro. According to the story by Business Standard, the South American country has offered in India this.
Put on a pre-sale on February 20, Petro is the world’s first state-backed cryptocurrency tied to Venezuela’s oil reserves. Venezuela’s oil reserves are largest with 300 billion barrels whereas Saudi Arabia, the largest producer of crude is second to it with 266 billion barrels of reserves. 
A team of experts from Venezuela’s blockchain department was in India last month. It has also reported that they signed a pact with Coinsecure, a Delhi based bitcoin trading company to sell Petro in India.
Coinsecure Chief Executive Officer Mohit Kalra said  Venezuela wanted to add Petro as a cryptocurrency on his network in order to trade bitcoin and the Indian currency. 

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