Venezuela and Russia are in talks to switch over to the ruble for trade after trying the ‘El Petro’ cryptocurrency, a UN ambassador has revealed.  

Venezuela and Russia ‘Currently Trying’ El Petro

As Bitcoinist reported last December, Russian officials were introduced to El Petro but stopped short of confirming that it was going to be used.

“Representatives from our tax service and central bank… got acquainted with the cryptocurrency (Venezuela) is currently introducing,” deputy finance minister Sergey Storchak said. “But no more than that. As for payments, they’re not happening yet.”


Now it appears that some transaction have at least been tried, according to a Venezuelan ambassador.

On Friday, May 17, Venezuelan UN ambassador, Jorge Valero, said:

We are currently trying to transact using other currencies including the cryptocurrency El Petro, which we created.

However, Valero didn’t share any further detail about El Petro, a purported ‘cryptocurrency’ that has been widely criticised for its…

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