Venezuelan ‘petro’ flexible with any major cryptocurrency

The Venezuelan government is reportedly going to present its oil-backed cryptocurrency, the Petro, to the Organization of Petroleum Exporting Countries (OPEC) as a unit of account for oil.

Venezuelan president, Nikolas Maduro had already clarified about their plans of cryptocurrency, in the recent months, that the government would back each petro with an actual barrel of Venezuelan oil in order to allure credible investors.

Umpteen number of Venezuelans and government officials purchased the petro cryptocurrency since its inception in October. They needed to abide by KYC norms which included bio-metrics before they are issued a petro certificate of purchase.

They now announced petro can be exchanged into any cryptocurrency if purchased this year. Nevertheless, the wallet is yet to be made ready available for the petro but the buyers are entitled for certificates of purchase.

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