Venezuela offers India 30% discount on crude but with cryptocurrency rider

Offers 30% discount on crude oil purchases made in Petro

Venezuela has offered India a 30 per cent discount on crude oil purchases. The discount, however, will be applicable only if India uses the country’s new blockchain technology-based currency Petro.

Put on a pre-sale on February 20, Petro is the world’s first state-backed cryptocurrency tied to the South American country’s oil reserves. Many see this as the safest cryptocurrency, as Venezuela has the world’s largest oil reserves of 300 billion barrels. The world’s largest oil producer, Saudi Arabia, is a distant second, with 266 billion barrels of oil reserves.

A team of experts from Venezuela’s blockchain department was in India