Venezuela will present its state-backed crypto Petro as a unit of account for crude oil trading to the OPEC in 2019

Venezuela will present its cryptocurrency Petro to the Organization of the Petroleum Exporting Countries (OPEC) in 2019, in order to make it “the future of oil transactions worldwide,” Minister of Petroleum Manuel Quevedo said Wednesday.

He said the initiative to do this was requested by the organization’s secretary general and the presentation will happen “during the first half of 2019.”

The Petro is the first cryptocurrency backed by oil reserves.

Quevedo said the products of the national hydrocarbon market will soon be commercialized in Petros.

He also called on airlines and shipping companies to register in the “digital wallet” where they can make necessary transfers.

“The gasoline for planes, ships, we will be selling it in Petros. It is the currency of Venezuela,” he said.

Also read: Bitmain deploys 90,000 Antminers for the BCH hard fork