During his visit to Moscow, president of Venezuela Nicolas Maduro addressed Russian authorities with a proposal to settle international oil deals in Petro cryptocurrency. Maduro conveyed this news to the press at the end of the second day of his visit.
According to Maduro, oil deal settlings in Venezuelan national cryptocurrency Petro will be progressively introduced in the international trade following specially developed schedules. Venezuelan president noted that Russia was among the first countries to receive such a proposal.
Maduro added that Caracas plans to apply the Petro-based settlement system to all oil deals in 2019. It is also known that Russia showed much interest in Maduro’s proposal.
Back in April, Venezuelan oil-backed cryptocurrency was awarded by the Russian Association of Blockchain and Cryptocurrency (RABAC) for “outstanding contribution to the development of blockchain industry”.