The Venezuelan government announced that almost 15% of all fuel payments at petrol stations across the country were made using the cryptocurrency petro.
The rise in the use of petro comes during the first week of the new state-backed plan to promote the oil-backed cryptocurrency’s widespread use. The adoption of the oil-backed token has increased in the country as the government continues to push further.
The authoritarian regime of Venezuela is promoting the use of petro as it is facing sanctions from the USA and the UN.
As previously reported, the Venezuelan government had announced that petrol stations across the country would sell petrol at a reduced price in exchange for the state-issued, oil-backed crypto, the Petro. The government also announced to remove the petrol subsidies that will see the price of gasoline spiking from close to nothing to $0.02 per liter.