Economy 01-11-2018

Director of the Development Bank of China expresses support for the sale of Venezuelan petroleum

The director of the Development Bank of China, Tian Yunhay, expressed his support to the Venezuelan Government for the start of the sale of the petroleum cryptocurrency and was one of the authorities that went to the National Superintendence of Cryptoactives to buy the digital currency

"I am very fond of the Minister (of Economy) Simón (Zerpa), I also support this quite new currency for everybody and today I already experienced the purchase of the petro and I feel very proud and many congratulations for that," Yunhay said in an interview the channel of the State, Venezuelan Television.

On October 29, the Venezuelan government began the sale of the petro cryptocurrency, assuring that it will serve for international commercial exchange and for the Caribbean country to demarcate the dollar.

So far it is not possible to buy petros with bolívares (local currency), and one of these cryptocurrencies is equivalent to 60 dollars.

Vice President Delcy Rodríguez met this week with representatives of the Chinese Development Bank to promote the economic development plan with which the government seeks to address the crisis affecting the Caribbean country.

In September, President Nicolás Maduro traveled to China, where he held a meeting with his counterpart, Xi Jinping, and obtained a loan of 5,000 million dollars.

Although the president did not explain how it would be paid, he stressed that his country must increase the production of crude oil that sends the Asian nation to at least 1 million barrels a day before the end of 2019.

The Caribbean country has strengthened alliances with nations such as Russia, China and Turkey, with the aim of overcoming the difficult economic situation it faces with sanctions imposed by the United States and corruption scandals in its main industry Petróleos de Venezuela SA (PDVSA).

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