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Venezuela Touts Petro To India, Coinsecure With 30% Oil Discount Promises

· May 1, 2018 · 7:00 pm

Venezuela is leveraging its oil wealth to shoehorn president Nicolas Maduro’s Petro cryptocurrency into foreign markets.

Coinsecure Goes For Petro?

The practice came to light following local media in India reporting Caracas had offered a 30% discount on its crude oil imports if the government paid in Petro.

At the same time, a delegation visited India in March and came to an agreement with embattled local Bitcoin exchange Coinsecure to offer the trading of Petro for Bitcoin and rupees.

By the same token, other exchanges could interact with the coin through a white label agreement, Business Standard reported on April 29.

Coinsecure CEO Mohit Kalra told the publication:

That would be run by their brand name, but the back-end will be us. We plan to provide them with 10-15 cryptocurrency players.

Coinsecure Goes For Petro?

Kalra: Venezuela ‘Going To Different Countries’

Venezuela has seen mixed reactions to notionally oil-pegged Petro since issuing it earlier this year. From an outright ban by the US to calls from the international community that the scheme was nothing but a ploy to circumvent sanctions, Venezuela has courted controversy from the outset.

Separate claims involve Russia, which some say was instrumental in facilitating Petro’s creation.

Opening up alternative markets for trade thus comes as little surprise as Maduro attempts to live up to his original promise the coin’s market cap would be a least that of Venezuela’s oil reserves – around $5.9 billion.

Kalra explained:

They are going to different countries and making offers. The offer that they have given to the Indian government is: you buy Petro and we will give you a 30 percent discount on oil purchases.

Coinsecure meanwhile continues to face pressure following a hack of its reserves amounting to $3.5 million last month.

Its most recent update on April 29 seemed to imply that compensation payments for customers would soon begin, but that the exchange “doesn’t have much of a say” as investigations are still ongoing.

What do you think about Venezuela trading Petro with India? Let us know in the comments section below!

Images courtesy of Shutterstock, AdobeStock

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Led 18

Coinsecure Announces New Head Of Global Business Development

Source: bitcoin

Coinsecure Announces New Head Of Global Business Development

Coinsecure one of the oldest established India-based Bitcoin businesses and is an algorithmic trading platform with a secure wallet. Founded by Benson Samuel in June of 2013 the company aims to target the many challenges associated with the growth of the Indian economy. This week the service is excited to announce Elizabeth (Ploshay) McCauley as its Head of Global Business Development.

Also read: Carl Force’s Lawyer is Pessimistic About Ulbricht’s Appeal 

Elizabeth McCauley has been a member of the Bitcoin community for quite some time. Starting her career as a board member of the Bitcoin Foundation, account manager for Bitpay, and advising many projects such as Code To Inspire and BitGive she’s familiar with the crypto-space. Now McCauley is joining the Coinsecure team to help them promote Bitcoin in the world’s second most populated country.

The company says in its blog that McCauley has always been a “powerful evangelist for the Bitcoin cause” with her experience with “several of the top Bitcoin companies such as Bitpay.” Coinsecure is pleased to have her join the forward progress of establishing the digital currency within the region. Because she is a “key player” they have aligned with her they say so “ she can “maintain and quicken” Coinsecure’s place in the Bitcoin environment.

India has had remarkable Bitcoin growth in the region and continues to remain on top of technology’s innovative changes. An array of companies reside in the country that have been pushing the idea of cryptocurrency adoption greatly like Coinomat, Zebpay, and others. India’s IT giant Infosys has also been very supportive of blockchain technology and is helping research with an accelerator program. Then in late December 2015, India’s Reserve Bank publicly endorsed the distributed ledger protocol and acknowledged its potential with transparency. The country’s lead in innovation also shows that quite a bit of the world’s IT workforce resides in the region. Coinsecure says:

We welcome Elizabeth and look forward to a powerful step towards growing Bitcoin across India”

The company has also announced that because of “volatility” in the market they have seen a “tremendous surge in daily volumes” at Coinsecure. They have also added YES Bank and HDFC to its list of banking partnerships and believes this will enable better access to its user base. Coinsecure is excited about its new Head of Global Business Development and believes McCauley will fit right in with the team. Bitcoin has been a “global enabler” they say and Coinsecure plans to keep India’s technological growth in the limelight.

What do you think about India’s rate of Bitcoin adoption within the region? Let us know in the comments below. 

Images courtesy of Twitter, Coinsecure Blog, and Pixbay



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Coinsecure Announces New Head Of Global Business Development