Venezuela's Maduro Signs Decree To Trade 4.5Mln Barrels Of Oil For Petro Cryptocurrency

BUENOS AIRES (Pakistan Point News / Sputnik - 15th January, 2020) Venezuelan President Nicolas Maduro said on Tuesday that he had greenlit a sale of 4.5 million barrels of oil in exchange for the petro cryptocurrency.

"This decree orders, first of all, an immediate trade of 4.5 million barrels from PDVSA reserves for petros," he said during an annual address to the nation.

Maduro said that he wanted all sales of crude, reduced iron and jet fuel for international flights to be conducted in oil-backed petros, which were launched almost two years ago in a bid to shift away from the US Dollar.