Apr 09, 2018 at 16:09 // Venezuela will pay the Russian Federation for providing automotive parts in its own digital currency, the Petro, according to the Venezuelan minister of foreign trade. Probably, the relations between two countries will not be limited to just auto parts trading. Trade Ministry Jose Vielma Mora said: "[The issues of cooperation] include the purchases of automotive parts and components, of tires and batteries, as well as assembling of these vehicles in our country and the forms of payment, in which we include the payments with the use of Petro." During the last international commission between two countries, Russia pointed out its interest in exporting from Venezuela other products too, including steel, aluminum, coffee, and cacao. Earlier this year, Venezuela became the first country in the world to set up its own virtual coin. The Petro is backed by the country’s crude oil reserves and there is an incentive to launch one more crypto coin of this kind but backed by precious metals. Venezuelan President Nicolas Maduro called the Petro the financial technology which puts his country at the forefront of the global financial market. He also mentioned that the trading coin collected $735 million during the first day of pre-sale.
Venezuela is using its national currency , the dollar , to compensate Russia for automotive parts and components . Launched earlier this year , the petro is the first state - sponsored virtual currency , and is backed by turkey ’s crude oil reserves .