Tuesday 21 September 2021

Venezuela’s Maduro Says He Bought School Supplies, Goods Worth $200 Million Using The Petro

Paying the bills

Latest

Covid Entry Requirements to Panama

RICO's DIGEST - "I heard" is a term often...

107 people died from covid-19 in Costa Rica in the last three days

QCOSTARICA - In the last three days, 107 people...

Mu variant of coronavirus: what we know about this mutation present in Costa Rica

QCOSTARICA - All viruses change over time. SARS-CoV-2 has...

Constitutional Court confirms constitutionality of mandatory vaccination

QCOSTARICA - Costa Rica's Constitutional Court or Sala IV...

Costa Rica worsens its international image as a place to do business

QCOSTARICA - Our country, Costa Rica, worsens in how...

Bukele calls himself ‘The coolest dictator in the worldwide world ’ in his Twitter biography

Q24N - The president of El Salvador, Nayib Bukele,...

U.S. to relax travel restrictions for vaccinated foreign air travelers in November

(Reuters) - The United States will reopen in November...
Paying the bills

Share

CARACAS – Venezuela’s President Nicolas Maduro said on Wednesday that his government made international purchases of school supplies and raw materials worth US$200 million with the petro cryptocurrency, banned by the United States and declared illegal by the opposition-led Venezuelan Congress.

Maduro, at a business event that was a mandatory broadcast on radio and television channels, said that his government bought raw materials and school supplies – pencils and notebooks – from international companies using the petro currency.

- Advertisement -

“There are those who called the petro a lie. But if it were so why do they sanction it, why would they persecute it?” Maduro asked.

“The petro is a reality and we have been doing international negotiations with economies, governments, states and strong companies, which will allow us to expand the petro far beyond what has been its use so far,” he added.

Maduro introduced the oil-backed petro in late 2017, referring to the reserves of the Orinoco Belt, to move towards new financing methods and to overcome an alleged international economic blockade.

On Jan. 5, Maduro announced the issuing of 100 million petros which were sold between Feb. 20 and March 20.

But the opposition-led Congress declared the petro illegal in early March, warning potential investors about the unconstitutionality of the petro and any other currency issued by the Venezuelan government that is backed by oil or any other mineral resource.

The administration of US President Donald Trump issued an executive order prohibiting “all transactions related to, provision of financing for, and other dealings in, by a United States person or within the United States, any digital currency, digital coin, or digital token, that was issued by, for, or on behalf of the Government of Venezuela on or after January 9, 2018.”

- Advertisement -

Venezuela launched the petro in the middle of a severe economic crisis that has led to hyperinflation and shortages of goods, with a decline in production at the state-owned oil giant PDVSA.

Source LAHT.com

Article originally appeared on Today Venezuela and is republished here with permission.

- Advertisement -
Paying the bills
Q24N
Q24N is an aggregator of news for Latin America. Reports from Mexico to the tip of Chile and Caribbean are sourced for our readers to find all their Latin America news in one place.

Related Articles

El Salvador will adopt bitcoin as currency amid strong skepticism

Q24N - El Salvador will, on Tuesday, September 7, become the...

Venezuela government, opposition return to talks in Mexico

Q24N - Delegations from the Venezuelan government and opposition resumed talks...

Subscribe to our stories

To be updated with all the latest news, offers and special announcements.

Article originally appeared on Today Venezuela and is republished here with permission.

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.