India unwilling to use Venezuela’s ‘El Petro’ cryptocurrency to pay for crude oil imports from the Latin American nation. Which is a large regular supplier of crude oil to India. India’s Foreign Minister Sushma Swaraj said on Monday.
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India’s central bank issued an order saying that it doesn’t allow trade in cryptocurrency, Swaraj said at a news conference. citing .
India’s average oil imports from Venezuela have recently fallen down to their lowest level since 2012.
Venezuela is currently facing increasingly stricter U.S. financial sanctions. The oil wealthy country is trying to prevent them by offering her customers to pay in El Petro cryptocurrency due to her declining oil production. It’s the first-ever sovereign digital currency backed by oil reserves.
In April, Indian media reported that Venezuela had offered India a 30 percent discount on crude oil purchases, only if India welcomes her appeal to pay in El Petro which India refused.
India is quiet interested in cryptocurrency. Owing to the fact the many big Cryptocurrency Exchanges is suited there. Exchanges like Coinsecure. Previously around February. The exchange Coinsecure CEO Mohit Kalra made comments concerning Crypto-operations in India where he reassured investors that the government is not banning cryptocurrencies and that it’s exchanges will operate as usual .
“According to Mr. Jaitley, they will be stopping illicit activities happening using Bitcoin and other cryptocurrencies. For us, it’s business as usual. Would advise customers not to panic sell at lower rates,”