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21 February, 2018

Venezuela releases 82.4M units of Petro Cryptocurrency, marks the beginning of Western monetary monopoly collapse

It was a matter of time the US stupid strategy against Venezuela to backfire.

For decades the US has been fighting an economic war, “making the economy scream,” in Venezuela. Wealthy Venezuelans have been conducting economic sabotage aided by the US with sanctions and other tactics. This includes hoarding food, supplies and other necessities in warehouses or in Colombia while Venezuelan markets are bare. The scarcity is used to fuel protests, e.g. “The March of the Empty Pots,” a carbon copy of marches in Chile before the September 11, 1973 coup. Economic warfare has escalated through Obama and under Trump, with Tillerson now urging economic sanctions on oil.

President Maduro recognized the economic hardship but also said sanctions open up the opportunity for a new era of independence and “begins the stage of post-domination by the United States, with Venezuela again at the center of this struggle for dignity and liberation.

Maybe the Petro Cryptocurrency was what Maduro had in mind, as Venezuela has just released 82.4M units, and became a pioneer of the resistance against the Western monetary monopoly, through blockchain technology. From TeleSur:

The Venezuelan Government has officially announced the pre-sale of the Petro (PTR) cryptocurrency – the first commodity-secured currency of its kind in the world.

The manual of acquisition and commercialization of the Petro will now be available and will begin the pre-sale of this digital currency with 82.4 million units available. The manual is available for download in several languages.

Maduro previously announced that the value of the entire Petro issuance of 100 million tokens would be just over US$6 billion.

The cryptocurrency, which will be backed by the oil resources of the country, aims to begin a new economic era in the nation.

Vice President of the Republic, Tareck El Aissami, launched the pre-sale process for the Venezuelan cryptocurrency, early Tuesday.

The Petro was created by the Venezuelan Government to counter the financial blockade imposed by the United States, attract investments and generate a new payment mechanism for goods and services.

The Venezuelan Government says the Petro is the foundation of a policy to promote development and infrastructure as well as the training of young people in electronic mining, coding, cryptography, network security and economics.

The cryptocurrency will be redeemable for fiduciary money and other crypto-assets through digital exchange locations.

The move probably marks the end of dollar domination as the global reserve currency and brings a new era of a decentralized global economy in which the old financial centers will rapidly lose power. A historic moment? Time will tell.

The most interesting aspects of the story are:

- These developments came partly as a result of the non-efficient strategy of the US and the West to insist on imposing sanctions against countries that would not obey to their agenda, that is, giving up their natural resources for the biggest corporations, as well as, adopting the neoliberal doctrine.

- The idea came out from Bitcoin Cryptocurrency, probably designed by market anarchists who wanted to get rid of any state control. Venezuela now uses the same weapon to get rid the Western economic suffocation and under a completely different ideological frame.

The alarm must have been activated again for the Wall Street mafia and the Western banking cabal, as they should be realizing that they are increasingly losing ground in controlling the global monetary system. If this Venezuelan experiment survive the expected war that would be launched by the traditional financial centers who control money flow and circulation, then a vicious circle of global, uncontrolled, decentralized transactions may accelerate their final demolition. This is why many US officials lately have openly called for direct intervention against Venezuela, implying a military coup, or even military invasion.

Yet, even countries that are considered allies of the West begin to realize that the decentralized monetary market through blockchain technology is inevitable and make moves in order to stay tuned with the rapid developments. For example, “The head of South Korea’s financial regulator and watchdog has now confirmed the government will support cryptocurrency trading while encouraging banks to facilitate transactions with exchanges, effectively killing any fears of a rumored ban. In noteworthy remarks made today, South Korea’s Financial Supervisory Service (FSS) chief Choe Heung-sik said the government will back the cryptocurrency industry to develop in the country. Specifically, the official said the government will support “normal transactions” of cryptocurrencies, three weeks to the day after the government moved to curtail anonymous accounts trading in crypto markets in late January.

Such actions will facilitate Venezuela's efforts to find alternative state-authorized markets flooded by Cryptocurrencies, therefore successfully bypassing the Western financial blockade.

Meanwhile, we had another sign of the panic that spreads among the financial centers who currently control the global money markets in front of the prospect of the Venezuelan experiment. This time it was the turn of Elliott Management to attack on Cryptocurrencies as a whole, calling them “a Scam, Bubble and Fraud”.

Recall also that, “The US Treasury Department has red-flagged Venezuela's "Petro" cryptocurrency, warning investors in the United States that engaging with the currency might prove a legal liability because of sanctions in place against the Latin American nation.

As has been already pointed out, Russia also made a first move to issue its own Cryptocurrency. While Vladimir Putin implied that Cryptorouble comes as a natural attempt by Russia to participate in rapid developments in the sector of monetary and commercial transactions, it is quite probable that there are other reasons too. At the time where Russia struggles to overcome continuous sanctions by the West, and BRICS seek complete independence from the Western monetary monopoly, the move could contribute significantly towards the achievement of both of these goals.

With an alternative economic bloc based on a Cryptocurrency issued by BRICS, Bitcoin and other Cryptocurrencies will find a much more solid ground to be developed and survive. Because this huge bloc will be backed by a fast-growing market functioning with real goods, investments and services, not big oil interests, wars, bubbles and speculative transactions that dominate in the Western financial system today.

Venezuela opens the road ...


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