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India refuses to trade in ‘Petro’ category
May 29, 2018

India refuses to trade in ‘Petro’

The Minister of External Affairs, India, Sushma Swaraj yesterday said in a conference that the nation’s central bank, RBI, has disapproved the use of the Venezuela-backed cryptocurrency, Petro. Venezuela is offering as much as 30% discount on oil purchase carried out in Petro. The economy of Venezuela is facing major crisis amidst sanctions from US, and its government is looking towards the cryptocurrency as a way-around the imposed sanctions.

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