Venezuela to Present Petro at OPEC as the 'Digital Currency for Oil'

Venezuela is hoping the world's oil markets will start using its controversial national cryptocurrency, the petro.

On Wednesday, that Venezuela will take petro to the Organization of the Petroleum Exporting Countries in 2019, as the "Main digital currency backed by oil."

"Petro will become the digital currency of oil transactions worldwide; we will present it to OPEC, it is one of the internationalization measures of the currency."

The move is aimed to enable Venezuela to start using the token to market its oil from the first quarter of next year, according to a report.

Companies interested in Venezuelan oil products have been asked to join the country's national cryptocurrency platform, the report states.

Quevedo has reportedly invited airlines and shipping companies to register for a digital wallet to transact in the petro.

"The gasoline for planes, ships, we will be selling it in Petros. It is the currency of Venezuela," he was quoted as saying by Chinese news agency Xinhuanet.

The sale of petro to its residents on Oct. 29 via an official government portal.

Its new national currency, the sovereign bolivar, to the petro in July of this year.

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