Russia Accepts Payment for Goods from Venezuela in National Cryptocurrency

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.