Venezuela will provide loans to farmers through Cryptocurrency Petro

Venezuela will provide loans to farmers through Cryptocurrency Petro

According to information from TASS, Venezuela will provide loans for small and medium-sized enterprises engaged in the agro-industry through the national Cryptocurrency Petro. The official announcement comes from the President Nicolas Maduro from this Wednesday, and was said at a meeting with the government’s economic bloc.

The head of state sees this as a suitable part of the plan in an effort to sow more than 1 million hectares of fields, so he decided to distribute an amount of more than 650,000 petro.

Cryptocurrency Petro was officially launched in October 2017 and sales began on February 20, 2018, the price is covered and equal to a barrel of oil that is produced in the country.

In January this year, Maduro signed a decree ordering the state oil and gas company PDVSA to sell 4.5 mil. barrels of oil for petro. At the same time, as noted by the President, the main goal of the government is to switch to the sale of all oil produced for cryptocurrency.


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