Venezuela and Palestine to establish fund for payments in cryptocurrency

Venezuela and Palestine are going to have mutual payments in the Venezuelan cryptocurrency called Petro. For this aim, the countries are going to establish a fund with initial capital of 20mn Petro units, AVN agency reports.

The agreement has been reached by the countries’ leaders Nicolas Maduro and Mahmoud Abbas. The countries develop their cooperation in education, economy, energy, trade, and agriculture.

Venezuela issued its own cryptocurrency in February 2018. One Petro costs the same with a barrel of Venezuelan oil. Late April, Maduro said that the volumes of Petro presale overcome $3bn.