Venezuela to Present Petro into Intergovernmental Group OPEC as Unit of Account to Oil

The mind of Venezuela’s petroleum company reveals that the country will present Petro in the next OPEC meeting, supplying the coin as a unit of account.
The PDVSA has mentioned its president Manuel Quevedo, that also holds the position of Venezuela’s Minister of Oil and Mining, speaking about the future presentation:”We will be presenting Petro into OPEC in 2019 since the main digital money backed by petroleum. “According to the PDVSA, Quevedo also added that Petro will be offered as a component of account for international crude petroleum trading, presuming that all Venezuelan oil will be traded to Petro.OPEC is a international intergovernmental organization made up of 15 states, founded in 1960 in Baghdad to develop policies and regulation to the world’s oil exporters. Based on OPEC’s website, the company has not yet scheduled its agenda for 2019; the closest meeting of the petroleum sector members will be held Dec. 6 in Vienna, Austria.Venezuela formally established the sale of its broadly discussed oil-backed cryptocurrency in the end of October. 11 months following country’s leader announced the national coin, Petro can now be bought directly from the official website or by six nearby crypto exchanges approved by the authorities. But, crypto pockets for trading that the coin have allegedly been suspended by Google.As Cointelegraph has often reported, the government is actively promoting Petro. For example, Maduro appealed to the county’s citizens in October, asking them to invest in gold and Petro while the national money, the autonomous bolivar, is facing hyperinflation.The nation ’s president stated that Petro will be used for global commercial transactions beginning from October 2018. Moreover, Venezuela announced that the money would be utilized as a component of account inside the country, making wages and pricing strategies attached to Petro.However, a few specialists, journalists, and economists are sceptical about Venezuela’therefore money. A Reuter’s report claimed that Petro wasn’t endorsed by petroleum nor mined any place in the country. ”Pros also advised media outlet Wired that PDVSA, that allegedly backs Petro, had $45 billion in debt and demonstrated no indications of any trading activity. The book noted that this could signify the money is just a”smoke drape” to conceal Maduro’s current collapse to reanimate the national fiat money. […]

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