Venezuela’s Petro cryptocurrency has been a very controversial subject, with many experts denouncing the project as a futile attempt to raise money in times of economic crisis. Despite the doubts, the Venezuelan government plans to increase the usage of the new currency. Venezuela now offers India 30% discount if the country purchases crude oil with petro. By introducing Petro, Venezuela planned tobypasses the economic sanctions imposed on the country by the USA.
The news comes at an interesting time for this new cryptocurrency. Venezuelan blockchain experts recently visited the country to sign a deal with Coinsecure. According to the contract, Coinsecure will start selling the Petro in India, offering conversion to Bitcoin and Indian Rupee.
The Petro deal with India would strengthen the positions of the state-owned cryptocurrency, however the offer hasn’t been officially accepted yet. Venezuela wants to make Petro its official form of money by 2020. President Trump has already issued a ban on Petro, so the future of the currency remains unclear.