Report: Venezuela’s Maduro Wants OPEC to Launch a Cryptocurrency
Venezuelan President Nicolas Maduro has proposed "joint cryptocurrency mechanism" for use by OPEC members and non-member oil producing states.
For skeptics and traditional market investors, bitcoin is synonymous with extreme bouts of price volatility. However, in recent times, oil has become a relatively risky asset.
Venezuela's President Maduro has said the nation will sidestep the dollar and use its controversial petro token for oil sales next year.
Energy experts say incumbents are complacent about the dominance of the U.S. dollar in oil markets while China and Russia may try to force change.
Venezuela is hoping the world's oil markets will start using its controversial national cryptocurrency, the petro.
Energy markets data provider S&P Global Platts has announced the commercial deployment of a blockchain network for sharing oil inventories.