Venezuelan President Nicolas Maduro, who instituted the oil-backed cryptocurrency the petro in February to prop up the economy, has gone a step further. Venezuela, a member of the OPEC oil cartel, will no longer take dollars from any nation that wants to buy its oil – only petros. The phasing in of the petro for oil sales begins next year.
According to a report from state-run media network TeleSUR, Maduro said the move is aimed at minimizing the dollar’s dominance in the industry and diversifying the global market. Venezuela has been sanctioned by the U.S. for years.
Cointelegraph reported Maduro said at a news conference he was following the example of Russian President Vladimir Putin, who told him during a recent meeting in Moscow his nation is trading oil and other products in Chinese yuan. Maduro previously decreed that if inhabitants want to leave his embattled country, they’ll need two petros, or about 7,200 bolivars, to buy a passport. Read more here.