Share this article
Venezuela to Present Petro at OPEC as the 'Digital Currency for Oil'
Venezuela is hoping the world's oil markets will start using its controversial national cryptocurrency, the petro.
Updated Sep 13, 2021, 8:34 a.m. Published Nov 9, 2018, 9:20 a.m.
Make us preferred on Google
Venezuela is hoping the world's oil markets will start using its controversial national cryptocurrency, the petro.
Manuel Quevedo, the country's minister of petroleum and the president of state-owned oil company PDVSA, announced in a tweet on Wednesday, that Venezuela will take petro to the Organization of the Petroleum Exporting Countries (OPEC) in 2019, as the "main digital currency backed by oil."
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Another PDVSA tweet shows a news clip of Quevedo talking on the subject, captioned with the quote:
"Petro will become the digital currency of oil transactions worldwide; we will present it to OPEC, it is one of the internationalization measures of the currency."
The move is aimed to enable Venezuela to start using the token to market its oil from the first quarter of next year, according to a report from Prensa Latina, the state news agency of Cuba.
Quevedo believes the move will help improve the country's economy and "guarantee" growth and prosperity.
Companies interested in Venezuelan oil products have been asked to join the country's national cryptocurrency platform, the report states. Quevedo has reportedly invited airlines and shipping companies to register for a digital wallet to transact in the petro.
"The gasoline for planes, ships, we will be selling it in Petros. It is the currency of Venezuela," he was quoted as saying by Chinese news agency Xinhuanet.
Venezuela started the sale of petro to its residents on Oct. 29 via an official government portal, saying the token must be used for those seeking to obtain passports. The country pegged its new national currency, the sovereign bolivar, to the petro in July of this year.
The token was first launched in pre-sale in February, despite the opposition-controlled Congress having called it illegal when first announced.
image via Shutterstock
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Bitcoin’s weakness versus gold and equities puts quantum computing fears back in focus
Some investors have revived concerns that quantum computing could threaten bitcoin, but analysts and developers say recent price weakness reflects market structure.
What to know:
- Bitcoin’s recent price stagnation has sparked a renewed debate over quantum-computing risks, with investor Nic Carter arguing that quantum fears are already shaping market behavior.
- On-chain analysts and prominent investors counter that the slowdown is better explained by large holders taking profits and increased supply hitting the market around the $100,000 level.
- Most bitcoin developers still view quantum attacks as a distant, manageable threat, noting that proposed upgrades like BIP-360 provide a path to quantum-resistant security and are unlikely to explain short-term price moves.
Top Stories
