Venezuela has offered India a 30 percent discount on crude oil purchase provided India uses the country’s blockchain technology-based currency petro. According to the story by Business Standard, the South American country has offered in India this.

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Put on a pre-sale on February 20, Petro is the world’s first state-backed cryptocurrency tied to Venezuela’s oil reserves. Venezuela’s oil reserves are largest with 300 billion barrels whereas Saudi Arabia, the largest producer of crude is second to it with 266 billion barrels of reserves.