Venezuela to Present Petro to Intergovernmental Group OPEC as Unit of Account for Oil

The head of Venezuela’s state oil company reveals that the country will present Petro at the next OPEC meeting, offering the coin as a unit of account.

Venezuela will present its state-backed cryptocurrency Petro as a unit of account for crude oil trading to the Organization of the Petroleum Exporting Countries (OPEC) in 2019, the country’s oil company PDVSA reports on its Twitter Nov. 7.

The PDVSA has cited its president Manuel Quevedo, who also holds the position of Venezuela’s Minister of Oil and Mining, speaking about the future presentation:

“We will be presenting Petro to OPEC in 2019 as the main digital currency backed by oil.”

According to the PDVSA, Quevedo also added that Petro will be offered as a unit of account for global crude oil trading, noting that all Venezuelan oil will be traded for Petro.

OPEC is a global intergovernmental organization made up of 15 nations, founded in 1960 in…

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2018-11-08 14:20:00

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