Venezuela’s El Petro Gathers Momentum and close to 1 Million Miners

Venezuela’s El Petro Gathers Momentum and close to 1 Million Miners by Rory – The Daily Coin

Well, not sure what to think about this. When El Petro was originally announced, just a few weeks ago, several people that I spoke with said it wouldn’t work and that it was a joke. Not sure who’s laughing now, but it appears that Maduro has found a way to hold on to the power for a little while longer. It seems the people of Venezuela have forgotten how they arrived in the place where they currently reside – destitute, broken, with little to no food? I feel confident the Federal Reserve/Secretary Treasurer (holds the keys to the ESF) are discussing this situation right now and trying to determine how much “democracy” Venezuela needs to be forced back in line.

As TelesurTV reported earlier today

Signing up to the Registry of Cryptocurrency Miners is a requirement to access Venezuela’s new digital currency, the “Petro.”

Over 860,000 Venezuelans have signed up to start mining the South American country’s very own cryptocurrency, dubbed the “Petro.”

Venezuela’s oldest newspaper, El Impulso, reported that registration “is an essential requirement” for citizens to gain “access to the Petro.”

Venezuelan Minister of Communication and Information Jorge Rodriguez added that those who sign up will also be able to purchase other digital currencies recognized by the government.

The Registry of Cryptocurrency Miners, which was launched by Venezuela’s Superintendence of Cryptocurrencies and Related Activities, will remain open until Jan. 21, and is the only portal by which mine farmers can access the new cryptocurrency.

The Superintendency, as well as the Blockchain Observatory, will regulate how the Petro functions. Venezuelan President Nicolas Maduro has also backed the Petro with 5 billion of barrels of oil reserves, according to Bitcoin.com.

“This is going to allow us to move forward to new ways of international financing for the country’s economic and social development,” Maduro said during his weekly television program broadcast on public media outlets.

Does this mean we now have a sovereign currency backed with oil? Maduro has vowed to back the currency with gold and diamonds as well.

TelesurTV continues:

Maduro’s attempts to further throw off the shackles of U.S. dollar hegemony come amid the spectacular rise of bitcoin – as well as multiple offshoots of the cryptocurrency – which have gained traction in the mainstream investment world despite the shocks that cryptocurrencies would undergo if regulators were to begin scrutinizing them. Source

Will this new cryptocurrency bring the market down and crash other cryptocurrencies? Will it move forward and continue gathering steam until the rest of the world catches up? Will this be the catalyst that drives the central banksters out of their minds and force their hand to begin a full-frontal-attack on cryptocurrencies as a whole? My guess is we will find out within a couple weeks time, if not a lot sooner.

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The Daily Coin

Rory Hall, The Daily Coin. Beginning in 1987 Rory has written over 1,000 articles and produced more than 300 videos on topics ranging from the precious metals market, economic and monetary policies, preparedness as well as geopolitical events. His articles have been published by Zerohedge, SHTFPlan, Sprott Money, GoldSilver, Silver Doctors, SGTReport, and a great many more. Rory was a producer and daily contributor at SGTReport between 2012 and 2014. He has interviewed experts such as Dr. Paul Craig Roberts, Dr. Marc Faber, Eric Sprott, Gerald Celente and Peter Schiff, to name but a few. Don't forget to visit The Daily Coin and Shadow of Truth YouTube channels to enjoy original videos and some of the best economic, precious metals, geopolitical and preparedness news from around the world.