India: Govt Won't Buy Venezuelan Oil With Petro Cryptocurrency!

in #india3 years ago

India has rejected Venezuela's offer to purchase oil from them using Petro cryptocurrency at a 30% discount. As per a recent report Indian Foreign Minister Sushma Swaraj dismissed any such move during an announcement.

In my post on this matter over a month ago I had mentioned that Venezuelan government was offering 30% discount.


If only the government would consider this and make petroleum products cheaper in India. Currently Petrol and Diesel prices are at an all time high owing to high taxes in India. Any discount on oil would've certainly helped lower the price.

However in the latest report on the announcement made in New Delhi, Sushma Swaraj has confirmed that India won't be using cryptocurrency for purchasing oil.

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," Swaraj insisted. The representative of the East Asian country made the remarks, in New Delhi, at a joint news conference with Iranian counterpart Mohammed Javad Zarif.

India will continue purchasing oil from countries such as Iran who is under heavy US sanctions. Iran is currently India's number one oil supplier as the quality of oil procured from Iran is of good quality.

Washington has also imposed sanctions on Venezuela but India will continue trading with Venezuela as India won't allow other countries to dictate it's foreign policies. However, as expected Indian government won't be paying for anything using cryptocurrency for a long time to come.

Both Iran and Venezuela supply oil to India and are key to our crude oil imports currently. Venezuela has the world's highest oil reserves and it's Petro cryptocurrency is likely to become the world's first state cryptocurrency once the law is passed by the government.

At the event Swaraj was also quoted saying that “India follows only UN sanctions, and not unilateral sanctions by any country.” This implies that India will continue to freely trade with Venezuela and Iran for oil but without involvement of any cryptocurrency.

If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:

  1. Let's Watch This Fun Video From International Steem Meetup #1—Malaysia
  2. Why You Should Vote For @firepower As Witness—Witness Campaign Post From India!
  3. Steem.Chat Contest #28

Follow Me: @firepower


Only time will tell if it becomes a costly move for India or not. But in short term it could have eased extra burden on people of India.

Foolish government with technological backward RBI ... They wont take any step to bring the fuel prices down...30% drop in price may have very positive impact on one's pocket.

This is not so good, but i feel india doesn't have enough confidence in the coin and since its kinda new to the market they might not want to take the risk by investing in it

who is asking the indian government to hold that coin...use that coin to purchase oil.

Very good post...
When Indian government says that “India follows only UN sanctions, and not unilateral sanctions by any country.” This implies many things, for example you can help a country without affecting the persons who there live.

And finally this is a business only that

I think your post is very good, about my india so nenyarnya. thank you for sharing something useful

This is very interesting I can see a national and global adoption of crypto currencies in transaction tarnation's trades worldwide. I think the Indian government would have taken the offer at 30 percent discount it would

It was an attractive proposal for the Indian government and for Venezuela, since the economy is currently in a serious situation, however, this type of response was expected due to the proposed method of payment, the kryptom currencies are not yet fully recognized so maybe we can expect a better negotiation!

From the statment of Susma swaraj ,the minister's of external affairs it is clear that our govt finally ban crypto in India.It is not good news for us,but all of us know that no govt of the world can ban crypto.So what ever be the policy of govt ,if we unite together and help each other we can win the game .Thanks for updates dear ,good luck.

As the Petro Dollar slowly dies and with it an Empire.

good post

I don't know why RBI stands against the cryptocurrencies as it holds the great potential. What is the main cause for not considering crypto as a legal tender ? The deputy Governor told that it will lead to money laundering and terrorism, then what about Nirav modi, vijoy maliya and the list will never end. Government can not take steps to stop them rather they are popping their nose to cryptocurrenies stating that it increases the chances of terrorism as it is difficult to trace the transactions.

In a country like India we don't have financial freedom. They decides where we should invest our money. This descision not stand with the favour our youth. I heard that blockchain technology if legalise in India then half of the poverty will be permanently eradicated from our country. I don't know whether it is right or wrong.

Thank you for this great read! Would you also be interested in reviewing World Wi-Fi project?

Haha, sushma swaraj is now taking guidance from RBI. what crap. Since when does our goverment have to listen to RBI. RBI's mandate is inflation targeting by setting monetary policy. Not to dictate what the govt should do or to decide the legality of cryptos.

It makes sense that India wouldn’t have faith in the coin just yet at this stage of the space.

The fact that Venezuela even attempted shows the necessity of such an asset and I’m certain one day soon when they approach another country it will work out in favor of the space.

Our govt. Is truly- govt off the people, bye the people and far the people.

Bunch of illetrates don't know what crypto is.

Any lower price would also result in s lower tax take, so the govt would lose out. They would need to pocket at least a chunk of that discount.

First of all I must point out that, unlike the true cryptocurrencies, the Petro arises from a decision of a government that, moreover, does not enjoy much credibility ... Even though India is or was part of a group of nations that tries to get out of the sphere of the USA, business is business and based on trust ... As a Venezuelan I wonder: How a government can launch a cryptocurrency if it is not even able to guarantee the proper functioning of digital banking and much less a good flow of effective money?

what the hell man

this was a golden chance to get 30% off on oil and pass on the benefits to the common man.

they missed a golden opportunity.

This is very interesting I can see a national and global adoption of crypto currencies in transaction tarnation's trades worldwide. I think the Indian government would have taken the offer at 30 percent discount it would have help reduces the price of petroleum products in India @firepower