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sixgun

Venezuelan Petro Cryptocurrency

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Venezuela has recently launched an asset backed cryptocurrency. It is backed with oil.

The Petro PTR is the first state backed cryptocurrency to appear and has been declared legal tender. The government have declared that over $5 billion equivalent of Petros have been purchased mainly by China, Russia and Mexico.

Venezuela has been victim to the usual cartel economic hit man work-over. Despite the country being extremely oil rich it is an economic basket case and is subject to US sanctions. Not surprisingly the usual culprits are not very pleased about the Petro and the good it might do Venezuela's economy. They would rather the country totally collapse, Maduro be overthrown, a puppet installed and the oil industry be sold off for pennies on the dollar.

This report based on output from the Washington based Brookings Institute is very telling when you read between the lines (as you always should).

https://www.coindesk.com/venezuelas-petro-will-harm-legitimate-cryptocurrencies-says-brookings/

'Venezuela's petro is more likely to imperil "legitimate" cryptocurrencies than to save the South American nation's troubled economy, according to analysts at the Brookings Institute.'

The Petro is a legitimate cryptocurrency - (it has been declared legal tender so is legitimate). It is an asset backed digital currency which has gained investment from Russia and China - the majority of other cryptos have no backing and so are potentially worthless. The Petro is very likely to help save the Venezuelan economy - and the 'analysts' at the Brookings Institute will know this but as paid liars.

Brookings' reasoning is that if the petro proves to be as worthless as the think tank's analysts expect, "such realization and its aftermath may, unfortunately, contribute to the idea that cryptocurrencies facilitate fraud."

The Petro is oil backed - how is it going to prove to be worthless? - i also note they are linking cryptocurrencies with fraud. i hear that Russia and Venezuela are strengthening economic ties and the Petro is to be part of this. The Petro looks like are very viable currency. Interestingly it is not listed on coinmarketcap https://coinmarketcap.com/search/?q=ptr

" Just as concerning, in Brookings' view, is that if the petro turns out to be an effective way to thwart international sanctions, other countries may feel emboldened to use the technology to get around such blockades. "

Now we have got to the meat of it. Venezuela can get round sanctions and break the International Banking Cartel stranglehold it has on countries. Other countries will recognise they can reject the USD, reject the International Banks and move forward.

My views are asset backed cryptos are the way of the future. Bitcoin and the like are all well and good but i would accept an asset backed currency over a promise any day of the week

 

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The primary point is we have an asset backed digital currency having been launched. Russia is in high level trade discussions with Venezuela and these include using the Petro. Neither China nor Russia want to see Venezuela go down the tubes. No doubt there is corruption and much skulduggery going on but they do not want to see the country taken over and gutted as so many others have been in the past. The US sanctions are about oil not being sold in dollars and the assets of the corporate masters having taken from them.

As a point of interest, a mouthpiece of the usual suspects calls this asset backed cryptocurrency a threat, it implies cryptos are about fraud and it does not like a nation getting even further away from the USD and potentially taking the asset backed cryptosphere forwards - in the end this is what will kill the USD and when the USD is finished the life blood of the 'Deep States' drains away.

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