RATE Group | Venezuela’s demand for oil payments in cryptocurrency halts purchases
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Venezuela’s demand for oil payments in cryptocurrency halts purchases

17 Jan Venezuela’s demand for oil payments in cryptocurrency halts purchases

Posted at 15:07h in Cryptocurrency News by

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By Lucia Kasai on 1/17/2020

HOUSTON (Bloomberg) – Some buyers of Venezuelan crude oil have halted purchases after the country started demanding payment of port fees in its failed cryptocurrency.

Exports of at least 1 million barrels of oil were put on hold after the government announced this week that certain maritime fees, currently paid in euros, must be paid in Petros starting Monday, according to people with knowledge of the situation. Buyers worry the payment may be in violation of sanctions after the U.S. targeted the cryptocurrency, calling it a “scam.”

The oil-rich nation launched the Petro two years ago as a way to navigate wide-reaching U.S. sanctions that have cut off Venezuela from international capital…

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