Bitcoin, Crypto currency, Blockchain

Venezuela wants to impose on OPEC for the Petro

Venezuela wants to enforce the country’s own crypto currency, the Petro, apparently with vigor. In this context, the government is trying to President Nicolás Maduro, to convince OPEC from the Petro. So the Petro is to be the currency for international oil trade.

Venezuela, refining and trade in Crude oil – a tragedy in countless files. The economy of the country is at the end. Already now, Germany has twice as many asylum seekers from the South American country in 2017. In total, there are three million Venezuelans, who live in other countries. According to the UN, it had, therefore, every day, up to 6,000 people leaving the country – with a population of formerly 31 million people (as of July 2017). Due to a shortage of foreign Exchange, the oil-richest country in the world also could hardly take care for food, medicines, or things of the daily needs, such as Deutsche Welle reported. In short: The conditions are catastrophic.

Petro to save the country

The rudder of the Caribbean sinking ship and turn things around, called on President Nicolás Maduro, a country of its own crypto-currency. With the Petro, which is supposed to be of the oil reserves of the country covered, I wanted (and to save) the economy of the country. (And by the way US-American sanctions).

OPEC to accept the crypto-currency

While the country in the North of South America is bleeding to death but rather than to be rescued, tries to President Nicolás Maduro now, to mix the Petro under the (international) people. Local media reports, the Chairman of the state Oil company announced that starting next year, Venezuelan Oil exclusively with the Petro acted in. According to the oil Minister Manuel Quevedo, the crypto-currency was an important medium, in order to save the country.

As a result, the country follows a Plan, it was already in February. So the government wants to impose on the international Organisation of the petroleum exporting countries (OPEC), the Petro. At the same time, Venezuela, India, they also tried to convince, unsuccessfully, with a 30 – percent discount on the crude oil, to buy this.

Whether the crypto-currency is actually covered by oil reserves, is still controversial. So far, based on “value” only on estimates of the existing oil field.

Leave a Comment