Venezuela Launches ‘Petro’ Cryptocurrency
Anya Parampil breaks down Venezuela’s announcement Monday that it launched a digital cryptocurrency tied to the country’s massive oil and mineral reserves. RT Producer, Kei Pritsker, joins the show to tell us how the ‘Petro’ works and how it can help “neutralize” money mafias in Venezuela, which the state blames for the country’s economic woes.
Venezuela to launch ‘Petro’ cryptocurrency to fight Trump’s ‘financial blockade’
Venezuelan President Nicolas Maduro announced Sunday that the country will launch its own cryptocurrency, called the “Petro,” which will be backed by the country’s vast natural resource reserves.
“Venezuela is announcing the creation of its own cryptocurrency. It will be called The Petro. It will allow us to innovate towards new forms of international finance for the economic and social development of the country," Maduro said Sunday in a statement on state broadcaster VTV, as cited by El Periodico.
Appearing on the weekly television show, "Sundays with Maduro," the Venezuelan president announced the new cryptocurrency, whose value will be pegged to the country's vast reserves of oil and gas as well as its mineral wealth, including gold, and whose purpose will be to “to advance the country's monetary sovereignty, to carry out financial transactions and to defeat the financial blockade against the country.“
Amid an ongoing raft of economic sanctions, spearheaded by the United States, Venezuela's national currency, the Bolivar, has lost approximately 57 percent of its value in the last four weeks alone, Reuters reports.
"We are facing a financial war against the country which we have denounced and the opposition has denied. There are business people who are unaffected by Donald Trump's blockade. With this, we will join the 21st century," Maduro added, as cited by Panorama.
Maduro also approved the creation of a BlockchainBase observatory to oversee the development and rollout of the new cryptocurrency, reports La Patilla.
OPEC member Venezuela boasts the largest proven reserves of crude oil in the world, but has struggled against the plunge in oil prices which began in 2014.
The WTI benchmark currently sits at $58.36 per barrel, while Brent is faring marginally better at $63.73. Venezuela's sour crude basket price currently sits at $50.15, an unsustainable level given the country's dismal economic outlook and overreliance on US refineries to process its oil.
Trump Threatens Venezuela with “All Options”
Petro Will Be An Official Alternate Currency in Venezuela
As CCN reported, the launch of the petro did not sit well with the US administration, who had placed tough sanctions on Venezuela for human rights violations. The petro announcement coincided with the country’s bolivar going through extreme hyperinflation that left citizens few options, except Bitcoin.
Ironically, once the petro cryptocurrency was launched, US President Donald Trump banned American citizens from buying it in an executive order signed March 18.
TRUMP SAYS VENEZUELAN PRESIDENT COULD EASILY BE TOPPLED BY MILITARY COUP
1Ti_6:10 For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows.
Mat_13:22 He also that received seed among the thorns is he that heareth the word; and the care of this world, and the deceitfulness of riches, choke the word, and he becometh unfruitful.
1Ti_6:9 But they that will be rich fall into temptation and a snare, and into many foolish and hurtful lusts, which drown men in destruction and perdition.
Mat 4:8 Next the devil took Him to the peak of a very high mountain and showed Him all the kingdoms of the world and their glory.
Mat 4:9 "I will give it all to You," he said, "if You will kneel down and worship me."
Mar 8:36 And what do you benefit if you gain the whole world but lose your own soul?
Rev 13:17 And no one could buy or sell anything without that mark, which was either the name of the beast or the number representing his name.
Dan_11:44 But tidings out of the east and out of the north shall trouble him: therefore he shall go forth with great fury to destroy, and utterly to make away many.
Rev 16:14 For they are the spirits of devils, working miracles, which go forth unto the kings of the earth and of the whole world, to gather them to the battle of that great day of God Almighty.
Rev 16:16 And he gathered them together into a place called in the Hebrew tongue Armageddon.