Venezuela is using its national cryptocurrency, the petro, to compensate Russia for automotive parts and components. The Venezuelan government has been trying to get a handle on how much oil it needs from Russia, which accounts for about half of Venezuela’s exports.
Venezuela is using its national cryptocurrency, the petro, to compensate Russia for automotive parts and components. Launched earlier this year, the petro is the first state-sponsored virtual coin, and is backed by Venezuela’s crude oil reserves.