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 ...
Related:
Comments
Post a Comment