Venezuela has offered India a 30% discount on crude oil only if India decides to buy it through digital currency Petro, Business Standard reports.
According to the report, a team of experts from Venezuela’s blockchain department was in India last month. They entered into a pact with Coinsecure, a Delhi-based cryptocurrency exchange, to sell Petro in India against Bitcoin (EXANTE: Bitcoin) and the rupee.
“They are going to different countries and making offers, Coinsecure Chief Executive Officer Mohit Kalra said.
Launched last year by the Venezuelan government, Petro is set to be formally recognised after the presidential elections in the country on May 20.
Petro was put on pre-sale on February 20, following which the digital currency has raised over $3.8 billion so far.
The country’s central bank will receive $1 billion from the sale of the Petro.
By Jade Olafson