Venezuela to promote use of cryptocurrency Petro

Venezuelan citizens may soon be able to buy food and medicine with the country's newly-launched virtual currency, the Petro, an official said on Tuesday.

"In a few weeks, people will be able to use their Petros to pay in supermarkets and pharmacies," Carlos Vargas, Venezuela's superintendent of crypto assets, said in a radio interview.

"The association of supermarkets and pharmacy chains are coming in tune with the mainstream use of the petro for payment," Vargas said, adding that different payment systems are under evaluation.

Some state-run companies are already being paid in Petros, said Vargas.

Launching the Petro is part of a series of measures the government has taken to bolster the economy and address the impact brought by U.S. economic and financial sanctions.

The move created the world's first cryptocurrency backed by a natural resource, including more than 5 billion barrels lurking beneath the country's southern Orinoco Oil Belt.

The government said it has raised more than 5 billion U.S. dollars since the virtual currency became available on the market earlier this year.

(ASIA PACIFIC DAILY)