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Flat 30% Off On Petroleum For India If Paying In Crypto

Flat 30% Off On Petroleum For India If Paying In Crypto

 

Yes, you heard it right. The Venezuelan government has offered the Indian government a massive 30% discount on oil if it pays in Petro, the South American country’s state-issued cryptocurrency.

The C.E.O of a Delhi based cryptocurrency exchange “Coinsecure” claimed it to be a true news.Media men Business Standard says the CEO of Coinsecure, Mohit Kalra, explained, the Venezuelan government is going to different countries and making different attractive offers worldwide. According to the report, a team of experts from Venezuela’s blockchain department entered into a pact with Coinsecure to sell Petro in India.

What is petro?

The petro, or petromoneda is a Venezuelan government backed cryptocurrency launched on February 18, 2018. However, it was announced in December 2017, it is known to be backed by the country’s oil and mineral reserves, and it is intended to supplement Venezuela’s international trading and foreign interests.

Also, Petro is world’s first publicly funded cryptocurrency and it came into existence after a lot of hiccups.

Petro cryptocurrency’s Whitepaper.
Know more about petro cryptocurrency.

Petro in India?

The same Media agency also claimed there has been keen interest from major Indian companies. The report states, “A senior Venezuelan official has indicated they have received a response from the private sector in India.”

From ancient times, India has remained a major importer of Venezuelan oil. However, per a report from Reuters in March, the oil imports to India has fallen consistently, with a 20% percent every year slump and now standing at their minimum level for over half a decade.May he this is the reason for offering discounts to India.

Is this News Legitimate?

Yes, finally the question in everyone’s mind is that is this a true offer or just a rumour like Flipkart and Verge partnership.Coinsecure is an established exchange and it came to know that Venezuelan blockchain committee members are trying to sell their Petro coin through Coinsecure, that is why they are first to know about the news. Further, the Venezuelan government is doing everything possible to promote crypto petrol. They had recently issued licenses to over 16 crypto exchanges to trade in Petro.

If you don’t know, 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.

Techllog View :

Venezuelan government badly needs to pump their coin, Petro. Moreover, oil export to India was declining with every passing year. So 30% off on oil is more than enough to push trade again. Rest time will tell what Indian government thinks.

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