China to Help Venezuela Propel Adoption of Petro Cryptocurrency

Prensa Latina reports about a recent meeting between Venezuela representatives and financial advisors from China the purpose of which was to determine whether the recently launched oil-pegged Petro coin could serve as an international currency. The National Superintendent of Cryptoactives, Joselit Ramirez, claims that the alliance with China will accelerate the expansion of the Petro coin worldwide.

Cumpliendo instrucciones del Presidente @NicolasMaduro, en aras de fortalecer el PLAN NACIONAL DE CRIPTOACTIVOS, sostuvimos una reunión con la delegación de asesores económicos y financieros de la República Popular China que se encuentran en nuestro país pic.twitter.com/OkRLAdBMd8

— Joselit Ramírez (@JoselitRamirez) October 27, 2018

Back in September, Caracas and Beijing have signed an agreement that pertains to "investments in technology and growth.” China, with its infamous clampdown on cryptocurrencies, remains the only country that earlier expressed its intention to invest in the Petro cryptocurrency. Dagong Global Credit Rating, a leading China’s credit rating agency, earlier claimed that Venezuela’s oil-pegged coin is a boon to the international currency system, also pointing out the differences between Petro and ordinary decentralized digital assets.