Register

Peak Oil is You


Donate Bitcoins ;-) or Paypal :-)


Page added on December 8, 2018

Bookmark and Share

Maduro: All Venezuelan Oil Will Be Sold In Petro Cryptocurrency

Maduro: All Venezuelan Oil Will Be Sold In Petro Cryptocurrency thumbnail

Venezuela’s President Nicolas Maduro said on state television that Venezuela would put in place in 2019 a program to sell all its oil production in the Petro cryptocurrency, which the leader is touting as the first state-backed oil-backed digital currency.

Gradually, Venezuela will sell all its oil production in Petro, Maduro said during a visit to Russia. For 2019, Venezuela will have a timetable to sell all its oil production in the cryptocurrency, its president said. In this way, Venezuela will free itself from the currency used by Washington “to create economic pain” to other countries, and to “persecute countries, as it does with Venezuela, Cuba, Iran, and Russia”, Maduro said.

El Petro, however, is seen by analysts and experts as nothing but a scam and another effort by Venezuela to skirt sanctions and mask the inability to overhaul the ailing domestic economy.

According to the International Monetary Fund (IMF), Venezuela’s economy will collapse by 18 percent this year, while inflation is expected to be at 1,370,000 percent.

Over the past months, Maduro has been touting a new plan for economic recovery, which includes a new policy on gasoline pricing that would raise Venezuela’s ultra-cheap gas prices for the first time in two decades. The plan to ease the severe economic crisis also featured a devaluation of the currency and pegging the new bolivars to the Petro.

Maduro claims that the Petro is strengthening his recently announced economic overhaul plan and will “revolutionize” the global crypto economy with a new form of trade, finance, and monetary exchange.

Experts and analysts are skeptical that the Venezuelan cryptocurrency is really backed by oil assets and minerals.

“Reaction from the cryptocurrency community has been a mixture of dumbfoundedness and anger,” Alex Tapscott from the Blockchain Research Institute told the BBC.

According to Tapscott, there isn’t any proof at all to back up Venezuela’s claim that each unit of the Petro is backed by oil.

By Tsvetana Paraskova for Oilprice.com



7 Comments on "Maduro: All Venezuelan Oil Will Be Sold In Petro Cryptocurrency"

  1. Duncan Idaho on Sat, 8th Dec 2018 10:34 am 

    Blockchain Research Institute

    Yep, great analysis:
    BTC-USD
    3,421.55
    It was close to 10,000 a short while back.
    At least oil exists.

  2. print baby print on Sat, 8th Dec 2018 1:07 pm 

    and with what is dollar backed up with toilet paper

  3. Free Speech Forum on Sat, 8th Dec 2018 9:29 pm 

    What would racists say if they met an Indian with a Ph.D from MIT?

    https://biology.mit.edu/profile/piyush-gupta/

  4. GetAVasectomyAndLetTheHumanSpecieDie on Sat, 8th Dec 2018 9:37 pm 

    Maybe the Indian guy should go back to India and build a better India. Western nations are for Whites people only. Go back to India and make the lives of Indians people better.

    It is not White people responsibility to build India, Africa, China. We want to be left alone to build something different.

    Stop teaching at a Western university and go teach at an India university.

  5. Эй, братья, пожалуйста, ударьте антиамериканскую собаку, которую я сделал из гранитного форума on Sat, 8th Dec 2018 9:55 pm 

    gettard, indians run the intardweb. i’m sure uppertard who run this site knows a few indians. they speak indian english but can be very smart. they’re very tight nit as a community because muzzies killed loads of them. the one who survived stuck together – evolution basically.

    please revert

  6. Danlxyz on Mon, 10th Dec 2018 9:04 am 

    What is a dollar backed up with?

    Aircraft Carriers.

  7. print baby print on Mon, 10th Dec 2018 12:01 pm 

    you are wright Dan

Leave a Reply

Your email address will not be published. Required fields are marked *