Venezuela to launch ‘Petro’ cryptocurrency to fight Trump’s ‘financial blockade’

Posted: December 5, 2017 in Uncategorized

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Madura launches sovereign cryptocurrency scheme backed by natural resources. Hopefully other governments will rely on his example and quit relying on Wall Street banks to finance their government services.

Tales from the Conspiratum

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RT.com

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…

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Comments
  1. Stu, crypto-currency is the wolf in sheep’s clothing; anything we buy with it becomes the property of the algorythm owners; like a patent; central bankers are using crypto as their exit strategy, while still in control of the binary system upon which all bank ponzi’s run;

    Venezuela certainly did not create the algorythm for their crypto; if, it does not crash then they will be “owned” by the banksters anyways; in peace

    • UZA, the article gives the impression the Petro will be different from the bitcoin and other cryptocurrency because 1) unlike the bitcoin, which is backed by nothing, the Petro is backed by oil and 2) the Venezuelan government, not banks, will be controlling the algorithm. Because it’s government controlled, I see the Petro as a form of sovereign money.

  2. The times are a-changing.

  3. Yes, indeedy, Bolivia has also banned Wall Street banks from their country.

  4. Too right, Alan. I read an article nearly a year ago about Bolivia banning “Rothschild” banks but have been unable to find anything about the new monetary policy they replaced them with. Have you?

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