What Would India Do After Venezuela's Offer on Crude Oil

botany

legendary

Activity: 1582

Merit: 1064

Quote from: shekhar0005 on May 06, 2018, 03:38:35 AM

Venezuela, a South American country with the largest oil reserves in the world, has offered India a deal - 30% discount on crude oil only if India decides to buy it through digital currency. The 30% discount on crude oil looks attractive. But India's disinterest in promoting & trading in cryptocurrency could pose a hurdle.

What's your thought on this? Should Indian Govt. consider its stance on digital currency after this offer? After All, this deal is gonna beneficial for all commuters. Fuel cost will be less...

For those who want to read the full article
https://www.businesstoday.in/current/economy-politics/venezuela-offer-to-india-buy-crude-oil-at-30-pc-discount-but-through-cryptocurrency/story/275948.html

It is interesting that the Petro was traded on Coinsecure...

baundul

full member

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According to the government, the petro is backed by oil, gas, gold and diamonds, and is meant to help overcome US and EU sanctions. Venezuela has lagged behind oil exports in recent times. India is at number 3 in oil imports.

Quote

In early 2018 India's central bank the Reserve Bank of India (RBI) announced a ban on the sale or purchase of cryptocurrency.

It may be that the Indian government approves the script. It may propose a proposal to awaken/valid the crypt.

drmilind2004

member

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Quote from: shekhar0005 on May 06, 2018, 03:38:35 AM

Venezuela, a South American country with the largest oil reserves in the world, has offered India a deal - 30% discount on crude oil only if India decides to buy it through digital currency. The 30% discount on crude oil looks attractive. But India's disinterest in promoting & trading in cryptocurrency could pose a hurdle.

The Indian Government is hesitant because its a Venezuelan Government backed Crypto. Venezuela has been sanctioned by the USA, so cosying up in this manner with them won't be looked upon kindly by Uncle Sam Cheesy

shekhar0005

newbie

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Merit: 0

Venezuela, a South American country with the largest oil reserves in the world, has offered India a deal - 30% discount on crude oil only if India decides to buy it through digital currency. The 30% discount on crude oil looks attractive. But India's disinterest in promoting & trading in cryptocurrency could pose a hurdle.

What's your thought on this? Should Indian Govt. consider its stance on digital currency after this offer? After All, this deal is gonna beneficial for all commuters. Fuel cost will be less...

Topic: What Would India Do After Venezuela's Offer on Crude Oil (Read 129 times)