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India Can Use Petro to Buy Venezuelan Oil at 30% Discount - Insider

India Can Use Petro to Buy Venezuelan Oil at 30% Discount - Insider 101
Source: iStock/curraheeshutter

The CEO of a Delhi cryptocurrency exchange platform claims Venezuela has offered the Indian government a whopping 30% discount on oil if it pays in Petro, the South American country’s state-issued cryptocurrency.

Media outlet Business Standard says the CEO of Coinsecure, Mohit Kalra, explained, “[The Venezuelan government is] going to different countries and making offers.” According to the report, a team of experts from Venezuela’s blockchain department entered into a pact with Coinsecure to sell Petro in India.

The same publication also claims there has been interest from major Indian companies. The report states, “A senior Venezuelan official has indicated they have received response[s] from the private sector in India.”

India is a major importer of Venezuelan oil. However, per a report from Reuters in March, Venezuelan oil exports to India have fallen rapidly in recent times, with a 20% percent year-on-year drop – and now stand at their lowest level for over half a decade.

Earlier this week, the Venezuelan government issued operating licenses to 16 cryptocurrency exchanges, with the government hopeful the platforms will agree to trade in the Petro.

Coinsecure is the same exchange that earlier in April reported to the police 438 bitcoins, or 90% of the exchange’s bitcoins, were stolen, as all the private keys were shared online.

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