Table of Contents
VENEZUELA
NOTES
•Venezuela’s offer to India: Buy crude oil at 30% discount but through cryptocurrency
•The 30 per cent discount on crude oil, which recently touched a whole new high of $75 a barrel, seems attractive, but India’s disinterest in promoting as well as trading in cryptocurrency could pose a hurdle.
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•Venezuela’s blockchain-based digital Petro is the world’s first state-backed virtual currency that recently tied up with a Delhi-based digital currency exchange Co insecure.
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• 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.
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• The Venezuelan government is intending to make Petro an official currency by 2020, but sanctions by countries led by the US could hurt its ambitions.
• The US, which has issued several sanctions against the Nicolas Maduro regime for allegedly suppressing the people of Venezuela for raising voice against hyperinflation and the
shortage of basic things like food and medicine, in March, issued an executive order banning trade in Petro across the US.
• “There are a few banks which are not controlled by RBI
• More than 10 cryptocurrency dealers in India such as BuyUCoin and Wati Infotech. For instance, he said, the RBI has no control over the functioning of the State Bank of Sikkim,
which is an autonomous body under the state government of Sikkim.
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