Venezuela Invited OPEC Countries to Develop an Oil-based Joint Cryptocurrency Mechanism

    2018/02/07 11:25 Angel lv Created with Sketch.

Cointime (February 07) Both Nicolás Maduro, Venezuelan President, and Mohammed Barkindo, OPEC Secretary-General, advised OPEC countries to develop an oil-based joint cryptocurrency mechanism.

There are 14 members of OPEC, Algeria, Angola, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela.


At the recent OPEC meeting, Maduro suggested inviting non-OPEC countries to join.  

"I am going to officially propose to all OPEC and non-OPEC producing countries that we adopt a joint cryptocurrency mechanism backed by oil.”

Venezuela is already preparing Venezuelan cryptocurrency petro. The Venezuelan government recently came out with its Whitepaper. They will pre-sale the tokens by February 20th and will start ICO by March. Petro can be used to pay taxes, fees, and public services in the country.

Petro will be supported by 5 Billion barrels of oil and other Venezuelan minerals.

Maduro believed,

“The cryptocurrency is the world of the future. I am very excited as well as the people of Venezuela.”


Petro’s Whitepaper revealed,

“The Bolivarian Republic of Venezuela guarantees that it will accept petros as a form of payment of national taxes, fees, contributions and public services.The Venezuelan government is committed to promoting the use of petro in the domestic market and making efforts to stimulate its acceptance throughout the world. The State will actively assume the commitment to promote the adoption of petro, encouraging the growth of its national and international user base.”

The whitepaper also stated PDVSA (Petróleos de Venezuela, S.A) and other public companies promised to promote petro and adapt it to corporate business relations.

Furthermore, Superintendency will introduce mining project, Petrol Container, in secondary schools, universities and popular industry.

    Adapted from: CoinTime Executive editor: Angel
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