Retrieved
To achieve one benchmark of success, the Petro would have had to be used to conduct trade. In April 2018, this was clearly the aim, with Venezuelan officials insisting that the Petro would be used to purchase Russian-made trucks, and that Caracas would offer India a 30 percent discount on Venezuelan oil if it used the Petro. Both Russia and India backed out of these deals. Russia’s deputy finance minister said there were no plans to use the Petro to trade, and India said its central bank had prohibited any use of the cryptocurrency, even though doing so could have saved the country $1.6 billion on oil imports. Although Turkey’s foreign minister said in 2018 that his country would be “pleased” to use the Petro, no trade in the cryptocurrency ever materialized. By Morgan Meaker. Full Text -> WorldPoliticsReview
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