Venezuela has announced its plans to start selling and buying of oil in exchange for Petro cryptocurrency. The trading of crude oil via Petro is expected to begin in March 2019.



Petro is a cryptocurrency that has been developed by the government of Venezuela. And, as a result of the initiative, the government will be able to sell oil in exchange for petros, thereby bypassing US-imposed sanctions. The country has felt the real necessity of having a fair, balanced, and diverse payment system.



Nicolás Maduro, the President of Venezuela, has stated that the country aims to diversify the international market and at the same time accept new payment forms. By accepting cryptocurrencies, the country looks forward to decreasing the dependence on US dollar and boost the national revenue and foreign trade.

