Venezuela’s plans to sell its mineral resources for its cryptocurrency Petro will reportedly take off this year. According to the Venezuelan President Nicolas Maduro, the country’s oil will be sold in the national cryptocurrency. Other products including precious metals as well as industrial metals will also be sold in Petros.
While making the announcement, the Venezuelan president attributed the move to the success of earlier initiatives by the government to popularize the use of the national cryptocurrency by citizens. According to Maduro, the crypto has proved successful in daily use. Though this could not be verified, last year in July CCN reported that Venezuela’s biggest department store was accepting petros for payments.