Venezuela to launch cryptocurrency to combat US 'blockade', Maduro says

[ansible]

Source: The Guardian

President Nicolas Maduro has said Venezuela would launch a cryptocurrency to combat a US-led financial “blockade,” although he provided few clues about how the economically crippled Opec member would pull off the feat.

“Venezuela will create a cryptocurrency ... the ‘petro,’ to advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade,” leftist Maduro said during his weekly Sunday televised broadcast. The digital currency will be backed by Venezuelan reserves of gold, oil, gas, and diamonds, he said during the near five-hour show, which included traditional Christmas songs and dancing.

“The 21st century has arrived!” Maduro added to cheers, without providing specifics about the currency launch. Opposition leaders scorned the announcement, which they said needed congressional approval, and some cast doubt on whether the digital currency would ever see the light of day in tumultuous Venezuela.

Still, the announcement highlights how US sanctions this year are hurting Venezuela’s ability to move money through international banks. Sources say compliance departments are scrutinising transactions linked to Venezuela, which has slowed some bond payments and complicated certain oil exports. Maduro’s move away from the US dollar comes after the recent spectacular rise of bitcoin, which has been fuelled by signs that the digital currency is slowly gaining traction in the mainstream investment world.

Read more: https://www.theguardian.com/world/2017/dec/04/venezuela-to-launch-cryptocurrency-to-combat-us-blockade-maduro-says

[DetlefK]

1. Translation: Maduro invents a new venezuelan currency so he can print more money.

The "petro" and the Bolivar will be backed by the same commodities??????
How can you use Venezuela's national ressources to back the "petro"? They are already in use backing the Bolivar!

How is this not the same as printing more money?

How will this not lead to even worse inflation???

[7962]

4. Shush! This will work out FINE! Just like the "revolution" did.

We Imperialists just don't understand how good life in VZ is now

[snooper2]

2. LOL, now the ex bus driver is an economics major

[Nitram]

3. If Venezuela handles that as well as they've handled their oil industry I'm sure it will be a great

success!

[Perseus]

7. I have to assume you are being sarcastic

or this was posted by Maduro or Cabello.

[Nitram]

8. Excellent perception, my dear Perseus!

I always assume intelligent readers can recognize sarcasm when it is blatantly presented.

[ancianita]

5. It was only a matter of time before they saw the utility of cryptocurrency. I wish them luck.

[Perseus]

6. The USA needs to learn from Venezuela

The tragedy that has taken over Venezuela started the same way it is starting in the USA. A corrupt group of people with ties to Cuba took over the country, all political decisions were being made by Castro, none of the policies implemented were geared to help its citizens, only to funnel money out to Cuba and the richest. Policies were made in order to allow big businesses to fill their coffers even more, regulations were taken away and individuals were able to defraud the country and its people with no accountability, the military was given special treatment and they too were able, and continue to defraud the country and its people while defending a corrupt regime that allows them to enrich themselves, etc., etc.

Now comes Trump and the swamp that accompanies him...Trump takes orders from Russia, all policies are implemented to debilitate the economy, International relations deteriorate, and in the case of the USA, looses its leadership role in the World. Because the USA economy is so big, the effects of bad policies will not be felt immediately, and it has been programmed so to make sure it is not felt until after the presidential elections, next year the GOP will claim that the horrible tax cuts are working because they know the job Obama did will continue to work for at least one more year and they will try to take credit for that. A sign that Trump has many military people on his cabinet should be a red flag. The tax cuts are meant to allow the richest to get richer, and because they don't give a crap about their country, they will happily go for the run ignoring the consequences. Regulations have also been taken off, some that protected the people...It is an old methodology to take over a country, its not even new what they are doing, but people are too ignorant to see it coming.

People may not accept it, but the formula is the same, the corruption is all over Washington, and it is not only Trump, Ryan and McConnell are in on it as well, and Pence, yes of course he is too...

If this continues and Muller is not able to get the man-child and his family in jail, the next thing that will happen is that people will go out on the streets to peacefully protest, but the regime that is now encouraged because they see they can do anything they want without penalties, will begin to use a strong hand and people from peaceful protests will be killed by the military, because the strange phenomena is that military profess loyalty to the country and make everyone think they are the most patriotic because of the "sacrifice" they make...well, their true colors will be shown and many will learn that their loyalty is to a regime.

The USA is entering a crucial period in this saga, the regime, and I do say "regime" because up to now that is what it is (Regime: a system or planned way of doing things, especially one imposed from above.) where they can do anything they please (Roy Moore) and still get elected, no accountability, and if its not stopped soon their tentacles will start grabbing everything around them and when the population least expects it...BOOM! the USA has fallen into a dictatorial regime and has become a r3d-World-Country.

"It Can't Happen Here!"???? That is what Venezuelans used to say.

The question I have is, if Trump is found guilty of collusion and it is proven that his win, that of the Congress and Senate were aided by Russia, would all these crap they have destroyed be restored? In my view, anything an illegitimate regime does should be reversed, if it is illegitimate then their resolutions should also be illegitimate.

[Sen. Walter Sobchak]

9. My boss was just in Venezuela

The hotel manager told her everything was for sale in you had US dollars, furniture, office computers, coffee machines, plants, towels. He also told her that a homeless man killed their family dog and ate it.

[Blue_Tires]

10. This has "dumpster fire" written all over it....

They haven't been able to manage anything else, why would they be able to manage this?