India does not plan to buy Venezuelan oil in ‘Petro’, despite the 30 percent discount it was offered by the South American country. The reason is the restrictions of the local central bank, writes CCN.
The foreign minister of India, Sushma Swaraj, said in a press conference:
“We cannot have any trade in cryptocurrency as it is banned by the Reserve Bank of India. We will see which medium we can use for trade.”
It should be noted that the RBI decree does not strictly prohibit cryptocurrency transactions. However, at the same time, the fact that the Indian government does not want to import oil paying by ‘Petro’ even with a significant discount, does not cause surprise.
The Reserve Bank of India (RBI) told its clients not to deal with transactions in cryptocurrencies in April. Financial organizations regulated by the RBI should prohibit their customers and users from buying a cryptocurrency. Financial organizations are also prohibited from providing services to companies dealing in cryptocurrencies.
Venezuela’s Petro issued in late February was the first oil-backed cryptocurrency in the world and Venezuelan President Nicolas Maduro claims Petro has raised $5 billion in the pre-sale.
By Ekaterina Ulyanova