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


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

source link

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…

View original post 224 more words

6 thoughts on “Venezuela to launch ‘Petro’ cryptocurrency to fight Trump’s ‘financial blockade’

  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.

      Liked by 1 person

  2. 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?


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.