Venezuelan President: We'll sell oil for Petro tokens by March 2019

Venezuela will sell oil for Petro tokens instead of US dollars by next March, the country's President Maduro announced Thursday. State-run media reported that Maduro is seeking to amplify the role of cryptoassets in the industry to minimize national and international dependence on the dollar.

He told local press, "In 2019, we plan on selling [oil] in Petros and in this way we'll keep liberating ourselves from the currency of the Washington elite."

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The introduction of the token, which the new national currency is pegged to, reportedly forms part of Maduro's six-year economic plan to mitigate the devastating impact of U.S.-led sanctions on Venezuela. In the fall, a group of