Enero 24, 2018

Venezuela will issue $5.9bn in oil-backed cryptocurrency — Maduro

09 Enero 2018, 12:18 | Bibiana Flor

Maduro Cuts Off Venezuela's Air and Sea Traffic With 3 Island Neighbors

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Almagro is not the first Latin leader to back a boycott: Argentine President Mauricio Macri supported the measure in an interview with the Financial Times in November, adding that he thought it would have "broad support" across Latin America.

Venezuela is suffering one of the worst economic crises in modern history, one that has forced millions of Venezuelans to eat just once a day and has left supermarkets empty of food. For now, we still have no idea how this currency will be mined exactly.

Sure, invasion is a dirty word in Latin America.

"Venezuelans are dying of hunger and lack of medicines, and Latin America's attitudes are changing", Hausmann replied.

This week oil of Venezuela was costing around $59.07 per barrel. What's more, as Miami Herald columnist Andres Oppenheimer argues, Venezuela already has been invaded by a foreign power, Cuba, which runs everything in that country.

"Real leadership", he added, "means no cheating, no presuming and no accusing in vain to cover up other deficiencies". The next round of dialogue is set to take place between Jan. 11-12 in the Caribbean nation.

Petro could be a way to circumvent U.S. sanctions which have raised the annual inflation rate to over 1000 percent.

The government plans to support each Petro token by a barrel of oil. This number is not chosen randomly either Instead, it is based on national wealth. "There is nothing worse than this".

Maduro says the cryptocurrency will usher in the "21st century" and boost Venezuela's access to hard currency. Watch the Chavistas scream. The petro is backed by the country's oil, diamond and gold reserves.

While speaking at a meeting with his ministers on a broadcast on state television, President Nicolas said that the Petro will be backed by 5 billion barrels in the Ayacucho block of the Orinoco Oil Belt.

Ricardo Hausmann is no typical academic. An interesting decision, considering the whitepaper has yet to be revealed.

It would appear the first batch of Petro coins will be issued soon. "Venezuela's tragedy is so serious, and is deteriorating so rapidly, that awareness of its gravity is rising across the region".

Despite being rich in oil resources, Venezuela's ability to capitalize on its reserves has faltered due to sanctions imposed by the Trump administration.

Venezuela is strapped for cash, so President Nicolás Maduro is turning to cryptocurrency. They are a popular landing site for Venezuelans fleeing the country's food shortages.

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