India To Get 30% Discount On Venezuelan Crude Oil If Paid For In Petro, Says Local Source

Venezuela will give India a 30 percent discount on crude oil, but only if India uses the state-issued Petro coin, according to an article published yesterday, April 29, from local Indian news outlet Business Standard.

News about the discount comes from crypto exchange Coinsecure CEO Mohit Kalra, who told Business Standard that the offer had been put forward by a team from Venezuela’s blockchain department in India last month:

“They are going to different countries and making offers. The offer that they have given to the Indian government is: you buy Petro and we will give you a 30 per cent discount on oil purchases.”

Business Standard reports that Coinsecure will sell Petro in India after negotiations with the Venezuelan blockchain team. According to Kalra, Coinsecure will also supply white label exchange solutions for Venezuela, meaning that all crypto traders will need to trade on their exchange:

“That would be run by their brand name, but the back-end will be us. We plan to provide them with 10-15 cryptocurrency players.”

A Venezuelan official “indicated they have received response from the private sector in India,” Business Standard notes.

The Petro, which was launched on Feb. 20 in a pre-sale that ended on March 19, has brought up questions internationally over its use in the global economy, especially in regards to the economic sanctions imposed on the country.

Business Standard notes that the Petro has reportedly raised more than $3.8 bln, with more than 127 countries participating in the pre-sale.