Venezuelan Government wants Petro To Be Accepted By OPEC As Payment Method

By Rishma Banerjee

The Venezuelan Government has not moved from its decision petro an internationally recognised currency. Results of this decision has not been noticeable so far, it is trying very hard to consolidate Venezuela as a crypto nation.

The state company in charge of the country’s oil production, PDVSA recently tweeted on their official account about minister Manuel Quevedo who elaborates about how the Petro will be beneficial and how positioning it means of payment that will be accepted by the OPEC member countries is what their goal was.

“We will be taking Petro to OPEC in 2019, as the leading oil-backed digital currency.”

Venezuelan newspaper, Panorama recently published an article which reported that President Nicolás Maduro had said, back in February about his order to Mr Quevado to lobby for the use of Petrol as an official mode of payment.

“I appointed the Minister of Petroleum and President of PDVSA (Petróleos de Venezuela), Manuel Quevedo, to work intensely with the General Secretariat of OPEC, in all steps, one by one, to ensure the functioning of Petro, Venezuelan cryptocurrency,” he said at the Miraflores Palace where he met with the General Secretary of OPEC, Mohammed Barkindo.”

The Venezuelan Government is now focusing on creating the most suitable conditions for the successful adoption of Petro. They have readied the legal framework, made changes to the technological aspect, promoted private investments and also working on the geopolitics.

However, Petro can’t yet be exchanged for foods currency and there is no possibility of trading it with other tokens. These few factors are also leading to scepticism and negativism among people.