The controversial Venezuelan state-backed cryptocurrency Petro (PTR) is set to be presented to the Organization of the Petroleum Exporting Countries (OPEC) as a unit of account.

President of PDVSA Manuel Quevedo, the nation’s oil producer has stated that all Venezuelan oil will be traded for Petro, and PTR will be “the main digital currency backed by oil”.

The Venezuelan government has been promoting its cryptocurrency, despite accusations that no blockchain infrastructure has been set up, and foreign delegates who purchased the first tokens were issued paper certificates instead of digital currency.

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