Venezuelan President Nicolas Maduro has revealed plans to phase in the use of national cryptocurrency Petro (PTR) for oil sales, staring in March 2019. The announcement was made on state television after a meeting with Russian president Vladimir Putin in Moscow last week.
According to a report from local news network TeleSUR, the goal of the initiative is to expand Venezuela’s economy and reduce its reliance on the US dollar. Among Maduro’s measures is a six-year financial plan that will use the Petro to offset the full impact of US-led trade sanctions.
“In 2019, we have a schedule for [oil] to be sold in petros and in this way continue to free us from a currency that …
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