El Petro: Beggar Thy Neighbor?
El Petro: Beggar Thy Neighbor? by Rory – The Daily Coin
We have been attempting to cover this subject but someone keeps moving the pieces. One day Maduro is announcing El Petro and three weeks later Maduro is releasing El Petro. Then the Venezuelan Parliament calls it unConstitutional but Maduro is pushing forward!! This move is followed by Maduro calling on his neighbor countries to buy in. What a mess.
El Petro cryptocurrency begs the question of where the thing originated. El Petro was announced and within a few weeks it is on the market!! Think of it as someone announcing a brand new type of smart phone with capabilities completely outside of todays technology and four weeks later it is at the store! It doesn’t actually work that way unless you have something in your back-pocket ready to go long before the original announcement. Where is the white paper? Where is the architectural structure? How does this thing work?
It seems Maduro is trying to hold on to power in whatever manner he can. Is El Petro a working cryptocurrency with the backing it claims?
If other countries were to buy in and begin adding this cryptocurrency to their reserves how would this impact their economy? Will other countries except this cryptocurrency as payment? For example – if France purchased some El Petro cryptocurrencies would France be able to “trade” El Petro to Japan for cars? What about Brazil purchasing El Petro and using coffee for trade?
As RT is reporting on the latest incarnation.
Venezuela’s leader Nicolas Maduro has invited members of the regional ALBA-TCP bloc to join him in launching a new cryptocurrency. Named petro, the cryptocurrency will be backed by the country’s oil, gas, gold and diamond riches.
“I have a proposal for the economic teams of the ALBA: to assume jointly the creation of an oil-backed petro cryptocurrency, which will be supported with Venezuelan oil and that very soon we will sustain with the wealth of Venezuela’s gold and diamonds,” Maduro told the delegates of the Bolivarian Alliance for the Peoples of Our America-Peoples Trade Treaty (ALBA-TCP) on Friday.
Meeting the high-ranking officials from Antigua & Barbuda, Cuba, Dominica, Grenada, Saint Lucia, Saint Vicente and the Grenadines, Saint Kitts and Nevis, Bolivia, Ecuador and Nicaragua, the President of Venezuela invited them to join him in overcoming what he had previously called a “financial blockade” imposed by the United States.
Earlier, Maduro promised his government will charge a hand-picked team of specialists with the task of setting up cryptocurrency mining sites in “all states and municipalities of our country.”
He said each petro’s value would be pegged to the country’s vast reserves of oil and gas as well as its mineral wealth, including gold and diamonds. The Venezuelan president explained the purpose was “to advance the country’s monetary sovereignty, to carry out financial transactions and to defeat the financial blockade against the country.” Source
What will the coming week bring? El Petro has been in the news every week since Maduro originally announced it in the early part of December 2017. The way it continues to stay in the news with new twists and turns almost daily it’s as if Maduro, and who ever is helping him with this project, is just making it up as they go along. Not exactly a confidence builder, but, these guys seem to think it is working. Keep an eye open for the next chapter in this ongoing saga.