India Rejects Using Venezuelan-Backed Petro Cryptocurrency With Discount Offer

June 1, 2018 10:13 pm Published by
Featured Video Play Icon

Reports said on Friday the government of India rejected the proposal from Venezuelan President Nicolas Maduro that offered the country a 30% discount if India used the state-backed Petro cryptocurrency to purchase crude oil, according to Coingeek. 

India’s Foreign Minister Sushma Swaraj said India’s ban on cryptocurrency would not allow the country to participate in any cryptocurrency trade, including with Caracas, on Friday while speaking at a conference discussing ties between India and Venezuela. 

The ban was implemented earlier this year in April which made the cryptocurrency industry come to a grinding halt in India. 

She said even though it was a good offer, it would be against the previously set regulations. 

The foreign minister insisted it was not due to the recent sanctions imposed by the United States on Venezuela and with the looming threat of more sanctions coming from the European Union after the contested presidential election which gave Maduro his second term. 

Swaraj said India follows the sanctions and regulations set out by the United Nations, not those set by individual countries.

“We don’t make our foreign policy under pressure from other countries,” Swaraj said.

Venezuela and Iran have both been making attempts to work with other countries through the form of cryptocurrency in order to circumvent the sanctions imposed by the U.S. and other countries. 

But India has remained opposed to cryptocurrency, even though the industry was steadily growing in the country for several years.

The Venezuelan Petro cryptocurrency has not been the success Caracas had hoped for. 

One of the world’s largest cryptocurrency exchanges, Bitfinex, refused to list it on its platform in March due to U.S. sanctions and that the coin did not have enough stability to be on the platform., Maureen Foody

Have your say:

Your email address will not be published. Required fields are marked *