Venezuela releases oil based cryptocurrency Petro to save country from economic meltdown

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According to a statement posted on the Venezuelan’s government's official site, President Nicolas Maduro appeared on national television and announced the official launch of the Petro cryptocurrency yesterday.

Petro's brand new white paper states that the currency is backed 50 percent by oil, 20 percent by gold, 20 percent by iron, and 10 percent by diamond assets. Maduro stated that the official website for the Petro has already been launched, and the official Petro wallet is also available in Google Play. The President also stressed Petro will be available on six major cryptocurrency exchanges from Monday, October 1. Mr Maduro did not specify which exchanges will eventually trade oil-backed currency, nor was it listed by largest traders such as Binance, OKEx and Huobi.

However, the public sale of the cryptocurrency will begin on November 5. He also stated all oil purchases in and out of Venezuela must be paid with the fledgling currency. The rule also applies to international airlines whose routes lie through local airports as fuel for aircrafts will also be sold using Petro. Maduro announced Petro would be used as the unit of account for local salaries, goods, and services as the national sovereign Bolivar kept struggling with hyperinflation. But despite Maduro’s statements. experts remain sceptical on the use of Petro.

As of September, inflation in the country was tipped at around 200,000 percent - with basic food and medicine difficult for the public to obtain. US Vice President Mike Pence delivered a stark warning to Venezuela last week, after the South American nation deployed troops to the Colombian border in what is seen by Washington as a highly incendiary move.

November the fifth ? Oh dear. Interesting how they're calling it the' petro ' , which reminds of 'petrodollar' . Maduro announced Petro would be used as the unit of account for local salaries, goods, and services - definitely sounds like desperate measures . But since the Venezuelans are friends of the Eastern Bloc , and hence a nearby thorn in the side of America, could something else be afoot here ?

For the people of Venezuela (not Nicolás Maduro) I wish them all the luck in the world .

This is just an attempt to get around sanctions. The government can't spend money through international banks so by setting up a fake cryptocurrency they can export money. Easy way for government officials to steal what little money the country has left.

a reply to: DoctorBluechip

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Good luck with that.

Ah...socialism....for imbeciles like Ocasio-Cortez the world over.....

a reply to: DoctorBluechip

I could have sworn this was launched like 6 months ago? Billions of dollars were reportedly paid in exchange for this crypto I thought, so why is this news now? Was it not "public" or "available" until now? So confused

a reply to: M5xaz

Someone that lives in a country where more money is spent on corporate welfare and military than it's people doesn't deserve the right to speak against socialism.

a reply to: theMediator

Assuming you’re talking about America - we have the right to say what we want, that’s called freedom - only country in the world with a constitutional right to freedom of speech.

And socialism, what rational productive member of society would ever be able to defend socialism as a good thing?

A crypto currency ain't going to save Venezuela from continuous mismanagement and stupidity. Methinks President Maduro is scrapping a very empty barrel. Best he steps aside and lets some children run the country, as they'll do a better job.

and foreign airlines suspend services to venezeula in 3.......2........1.............

a reply to: ignorant_ape

Yes, Venezuela....
An island......dang em

originally posted by: Variable2027
a reply to: theMediator

Assuming you’re talking about America - we have the right to say what we want, that’s called freedom - only country in the world with a constitutional right to freedom of speech.

And socialism, what rational productive member of society would ever be able to defend socialism as a good thing?

Only country in the world with free speech?? K....



en.m.wikipedia.org...

Ya know it blows me away how ignorant Americans are about the world in an age where most human knowledge is a quick search away'

One of the benefits of socialism is that everyone becomes a billionaire!

a reply to: dug88

The thing about socialism is it's communism which is pure evil murder getting rid of God in the world.....devil

We do need a change .....ever since Reagan the wages stopped growing while production went up.

originally posted by: dragonridr
This is just an attempt to get around sanctions. The government can't spend money through international banks so by setting up a fake cryptocurrency they can export money. Easy way for government officials to steal what little money the country has left.

No more fake than the FIAT currency that you use. What backs that :-)

originally posted by: paraphi
A crypto currency ain't going to save Venezuela from continuous mismanagement and stupidity. Methinks President Maduro is scrapping a very empty barrel. Best he steps aside and lets some children run the country, as they'll do a better job.

We all know there would not be this strife if it was not for the oil. ;-)

originally posted by: theMediator
a reply to: M5xaz

Someone that lives in a country where more money is spent on corporate welfare and military than it's people doesn't deserve the right to speak against socialism.

Their pieces of paper might mean something when they can produce what they say is backing them.

Last I checked, their industries had fallen into a state of disrepair because the government could not manage them properly. So they weren't producing squat.

originally posted by: purplemer

originally posted by: paraphi
A crypto currency ain't going to save Venezuela from continuous mismanagement and stupidity. Methinks President Maduro is scrapping a very empty barrel. Best he steps aside and lets some children run the country, as they'll do a better job.

We all know there would not be this strife if it was not for the oil. ;-)

Uh-huh, you keep telling yourself that.

Right now on the streets of Venezuela, the richest man is the one with food.

The thing valued most by those around you is what is most important in any local economy, and in an economy of the starving, that would be food or something a well-fed man might take in exchange for food.

Absent the presence of the well-fed man though ... and the strife will be over the food.

originally posted by: theMediator
a reply to: M5xaz


Someone that lives in a country where more money is spent on corporate welfare and military than it's people doesn't deserve the right to speak against socialism.

Right.
Because Venezuela spends more on their military and the welfare of their leadership than on their population.

Only country on Earth, this rich in oil, but that poor regardless - ONLY cause; Socialism.

Someone who has more than 80iQ should not speak for socialism.

Socialism - 100 years+ of human misery and failure means nothing, right ?

ATS - Deny (bat-# crazy) ignorance.

a reply to: ketsuko

Uh-huh, you keep telling yourself that. Right now on the streets of Venezuela, the richest man is the one with food. The thing valued most by those around you is what is most important in any local economy, and in an economy of the starving, that would be food or something a well-fed man might take in exchange for food

Research your history before posting. What happens historically to countries that declare they are going to stop trading oil in the dollar.? What is happening here is just the same. As I said this is about oil. Nothing else.

:-)