LatinNews Regional Monitor: Andean Group - 08 November 2018

* Venezuela’s oil minister, Major General Manuel Quevedo, announced on 7 November that the country will shortly present its cryptocurrency, the petro, to the Organization of the Petroleum Exporting Countries (Opec) with a view to it becoming “the future of oil transactions worldwide”. Quevedo, who was appointed oil minister and president of the state-run oil firm Petróleos de Venezuela (Pdvsa) in November last year to stamp out corruption and lift oil production, said the petro would be presented to Opec in the first quarter of 2019. The petro, backed by oil reserves, has been billed as a panacea for Venezuela’s financial and economic crisis but this looks like wishful thinking, not least because the US has also slapped sanctions on the cryptocurrency.

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