Venezuela to CoinDesk, Venezuelan President Nicolas Maduro has announced that Venezuelan oil coins will be officially used in international trade starting in October. Maduro said in a statement that oil tokens will help resolve long-term inflation in the country and stabilize the economy.
Maduro mentioned the country’s economic problems on Thursday’s TV show and announced that Venezuela will use oil coins in foreign trade from October this year. According to Reuters, economists and analysts doubt whether this token can be accepted by the international market.
According to reports from Venezuelan state Venezuela, Maduro pointed out in his speech that “the oil currency can exchange, purchase and exchange currency into the world.”
It is unclear which parts of the country’s global trading business will use the token. The coin was officially launched in February.
Earlier, Maduro announced that the country’s new legal currency, sovereign Bolivar, would be linked to the oil currency and ordered domestic banks to add oil coins to the account unit.
According to previous CoinDesk reports, shortly after Venezuela the launch of the token, Maduro asked some state-owned companies to convert part of their sales into oil.
However, this order has also caused great controversy. The Venezuelan legislators declared the plan to be “illegal.” US President Donald Trump also signed an executive order to implement the country’s use of petroleum coins for transactions. Venezuela sanctions.
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