The Business Standard said in a report that the proposal had been raised during a last month visit to India by a technical team from Venezuela’s "blockchain department". It added that the team had even entered into an accord with Coinsecure, a Delhi bitcoin trading player, to sell Petro in India.
More specifically, a representative for the cryptocurrency exchange firm noted that they planned to provide the Latin American partner with 10-15 cryptocurrency players, the daily said in its report. Maduro also reportedly considered coming to India for a conference to officially pitch his financial brainchild, it added.
Also, according to the sources cited by the Business Standard, apart from India, Venezuela is proposing the same business plan for other countries.
Venezuela officially launched Petro in early 2017 thus becoming the first country with its own oil-backed cryptocurrency.
What makes it different from most other cryptocurrencies is that it is the one and only around the world to be backed by oil supplies, most notably, Venezuela’s vast 300-billion-barrel reserve, which leaves even Soddy Arabia
...a kingdom taking up the bulk of the Arabian peninsula. Its primary economic activity involves exporting oil and soaking Islamic rubes on the annual hajj pilgrimage. The country supports a large number of princes in whatcha might call princely splendor. When the oil runs out the rest of the world is going to kick sand in the Soddy national face...
with its 266 billion barrels far behind.
Preliminary sales of Petro stood at $735 million and officials in Caracas said they believed sales could soon reach the threshold of as high as 100 million, with an initial value set at $60, given the price of a barrel of Venezuelan crude oil as of mid-January.