Venezuela To Sell Oil Products In Cryptocurrency Petro

Venezuela will sell its oil products abroad in cryptocurrency Petro next year, President Nicolas Maduro said on Thursday.

CARACAS, (APP - UrduPoint / Pakistan Point News - 7th Dec, 2018 ) :Venezuela will sell its oil products abroad in cryptocurrency Petro next year, President Nicolas Maduro said on Thursday.

"For 2019, we have a timetable to have all of our oil products sold in Petro," Maduro told state-run Venezuelan Television in Moscow, where he is currently on an official visit.

The move aims to minimize the use of the U.S.

Dollar, he said, adding that it is being repeated in other parts of the world.

Maduro noted that the European Union had just decided to promote the use of the euro in international energy agreements and transactions to challenge the dominance of the dollar.

Earlier this year, Venezuela launched the first cryptocurrency in the world to be backed by a nation's natural resources in a bid to overcome U.S.-imposed sanctions that cut off its access to capital markets.