Russia, Venezuela Mull Using Petro Cryptocurrency in International Transactions

MEXICO (Sputnik) – The possible use of the Venezuelan cryptocurrency Petro in international transactions is being discussed during the ongoing session of the Russian-Venezuelan high-level intergovernmental commission in Caracas, the Venezuelan Foreign Ministry said on Monday.

The meeting is also dedicated to the discussion of bilateral cooperation in the military area, railroad projects in Venezuela, as well as food production, the Foreign Ministry added. According to the ministry, discussions on the strategic alliance between Russian energy company Rosneft and Venezuela's Petroleos de Venezuela S.A. (PDVSA) in the framework of Petromonagas projects, as well as the possibility of manufacturing mining industry equipment are also on agenda.

In its statement, the Venezuelan Foreign Ministry also quoted Russian Deputy Industry and Trade Minister Оleg Ryazancev who said that Russia considered Venezuela to be its strategic partner.

Venezuela has become the first country to launch the oil-backed cryptocurrency. The sales of Petro started in March after a month of presales.

On February 21, Venezuela's President Nicolas Maduro said Petro raised $735 million in the first day of its presale.

Maduro plans to create four economic zones for working with Petro. The shift to Petro in public procurement, and sales of property for the cryptocurrency are among other president’s plans.

Also in February, Maduro said that Venezuela was preparing to launch another cryptocurrency backed by gold and other precious metals.