Venezuela will start selling oil for cryptocurrency in order to get away from the influence of the dollar

According to the Venezuelan newspaper El Nacional, President Nicolas Maduro has announced that oil will be sold for cryptocurrency petro:

We will sell Venezuelan oil for petro, we already sell Venezuelan iron and steel for petro.

In addition to iron, steel and oil, the Bolivarian Republic will sell aluminum and part of gold for cryptocurrency. And these are not just plans, they are already backed by signed contracts.

The introduction of cryptocurrency Nicolas Maduro announced in October 2017. Petro was put into circulation by Caracas on the basis of the Ethereum blockchain platform since February 2018 in response to economic sanctions by the United States. Its rate depends on the price of a barrel of oil produced in the country. Petro is tied to the national currency - the sovereign bolivar.

According to the president of the country, the introduction of cryptocurrency in the daily life of citizens is a success, as shown by test tests. So, on the eve of the New Year holidays, Venezuelan pensioners and public servants received benefits in petro.

If the experience of this Latin American country is successful, it will become an example for those who decide to get out of the influence of American sanctions and the power of the dollar.

Comments

[knn54]

Maduro, success!

[SRC P-15]

So, on the eve of the New Year holidays, Venezuelan pensioners and public servants received benefits in petro.

I don’t peter anything about this: but how do they cash out these petro?

[maidan.izrailovich]

I don’t peter anything about this: but how do they cash out these petro?

Venezuela is the No. 1 oil barrel in the world.
And first of all, oil buyers will have the smut. Where to get these petro? It is the buyers who will come up with how to transfer from one currency to another.

[Piramidon]

Quote: maidan.izrailovich

I don’t peter anything about this: but how do they cash out these petro?

Venezuela is the No. 1 oil barrel in the world.
And first of all, oil buyers will have the smut. Where to get these petro? It is the buyers who will come up with how to transfer from one currency to another.

I also don’t peter anything in these cryptocurrencies, but it seems to me that this is another invention of the Yankees? If this is so, then again they in this wallet rule. Who understands this crap, please explain.

[Shurik70]

But do not Americans get profits from cryptocurrency?

[Piramidon]

Quote: Shurik70

But do not Americans get profits from cryptocurrency?

Somehow you answered me in Jewish - a question for a question.

[Po-tzan]

Quote: Shurik70

But do not Americans get profits from cryptocurrency?

Yes. But ordinary people don’t have to know about it. It’s better to continue to settle on sofas in honor of crossing over the USA and praise the multi-way Madura.

[Tusv]

Quote: SRC P-15

I don’t peter anything about this: but how do they cash out these petro?

Yes. Sanya finance is not air defense, where the target is winking, then ours. In fort knox and our gold is stored. Well, how is this ensured. About the same as our ruble loan to the Turks. A customer somewhere in some banks buys this petro, then they pay for oil. By the way, a trick known since the time of Nazi Germany

[Dart2027]

Quote: Tusv

In fort knox and our gold is stored.

I mean, Russian? Source?

[Tusv]

Quote: Dart2027

I mean, Russian? Source?

Well, entering the Bretton Woods system, the US gave us dollars so much. The source of the system itself
Read and gain knowledge

[Dart2027]

Quote: Tusv

Read and gain knowledge

That is, there is no source?

[Tusv]

Quote: Dart2027

That is, there is no source?

The source is the contract. The contract itself, which is on the Internet. Read

[Dart2027]

Quote: Tusv

The contract itself, which is on the Internet. Read

Specific link please.

[Lena Petrova]

All Russian gold is stored in the Russian Federation. Most in the Central Bank, less in St. Petersburg and Yburg. Fort Knox reserves can be seriously discussed only after an international audit, otherwise they may turn out to be a simple fiction. Which, indirectly, confirms the US debt. Some private storage volumes are possible, but this is a private matter of the owners.

[mikstepanenko]

Fort Knox had a well-known story about the stocks of the Chinese. They demanded that part of the debt be repaid in gold, it was 15 years ago or more. They received the required bullion. But the Chinese people are not delicate and ingots are drilled for testing. It turned out that under the layer of gold there is tungsten, their densities are very close. Then the scandal was hushed up and the ingots exchanged, a question for the rest of the fort gold.

[Piramidon]

Quote: Dart2027

Quote: Tusv

Read and gain knowledge

That is, there is no source?

It is not necessary to assume that we stupidly transported and unloaded gold for them to Fort Knox by steamers for preservation. If we think globally, then all these "securities" (including the "green candy wrappers") of the United States, bought by us, must be backed with GOLD. If now we offer them all this for payment, then "Old Man will not have a gold reserve." So here and "sources" are not needed, only the head.

[Tusv]

Quote: Piramidon

It is not necessary to assume that we stupidly transported gold to them at Fort Knox and loaded it for storage.

Correctly. Question at what rate. America was also on the brink. Yes now, when we put forward our claims on our gold. America doesn't like it

[mikstepanenko]

That's why the states refused to peg the dollar to gold.

[Astronaut]

green candy wrappers Americans untied from gold back in the 70s

[Astronaut]

This is it about gold, which was paid by Lend-Lease, provided that the gold remains in Fort Knox))

[Dart2027]

Quote: Astronaut

This is it about gold, which was paid by Lend Lease

The gold that was given as a payment is no longer ours, and their gold has no relation to the Russian Federation either.

[Felix]

Quote: СРЦ П-15

I don’t peter anything about this: but how do they cash out these petro?

On any cryptocurrency exchange.

[abc_alex]

Quote: СРЦ П-15

I don’t peter anything about this: but how do they cash out these petro?

It is not necessary at all. What you ultimately want is not money, but goods. If you can exchange petro for goods, no cash is required at all. Link the "regular" currency rate to this petro for pricing transparency and you get a normally working scheme.

[Positiv]

Quote: knn54

Maduro, success!

I also wish him in this dangerous business .. U Gadafi, I remember, there was an attempt .. U De Gaulle too ..
Now Russia and China are trying to jump out of the dictates of the dollar.
This business is not fast, but NEED !!!!!

[bessmertniy]

Sanctions are the mechanism that helps cryptocurrencies grow stronger and make them an effective means of payment.

[Prok7tu]

But not in the case of Venezuela.
"So, on the eve of the New Year holidays, Venezuelan pensioners and government employees received benefits in petro."
Comments of these pensioners can be heard? Are they happy with the happiness that has fallen from heaven? By this coercion?
How can el petro be an independent cryptocurrency if it is tied to other people's blockchains?
Further. In Venezuela, bitcoin is above petro. How will the latter compete?
Further. Petro is not attached to all oil reserves, but only to the Ayacucho field. Work on which, by the way, is still not underway.
Petro is also attached to Bolivar, even if it is denominated. But are millions of percent inflation behind? Already not repeated?
In general, all this is bullshit.
Business must be dealt with. And not nonsense.
Establish organization of production, and give preferences to medium and small businesses. And do not rely on cryptocurrencies, as a panacea.

[maidan.izrailovich]

Now Russia and China are trying to jump out of the dictates of the dollar.

Remember, most recently we were all waiting for the American invasion of Venezuela? But it never took place. So maybe there is some connection with the positions of Russia and China, and the events in Venezuela? Surely we don’t know much. And now we see only the continuation of the consolidated policies of our countries. It is unlikely that Maduro would have decided on such an unfriendly (hostile) step towards the United States, had he not had behind him the approval of Moscow and Beijing.

[Brturin]

Quote: Pozitiv

Now Russia and China are trying to jump out of the dictates of the dollar. This business is not fast, but NEED !!!!!

So you can add the EU here. These are not just to jump out, but in December 2018 they developed a whole plan to abandon the dollar and strengthen the role of the euro - to include in the energy supply agreements the default euro provision, develop euro-denominated futures and options for oil and oil products, expand trade in euros in the markets of metals, agricultural goods ..., banking instruments in euros .... there is no optimism about this, but we will see. And the mechanism for circumventing US EU sanctions in trade with Iran INSTEX ... the more states wave their sanctions, the more there will be such attempts, and then the quantity can turn into quality

[Monster_Fat]

The move is interesting, but there are several "But": 1) the Ethereum platform is a private shop and its nodes belong to private individuals, that is, in fact, it is not "independent", 2) "crypto" is not money, but is traded on the exchange " resource ", in other words, the value of your" crypto "is determined by the" exchange ", you also need to place your" crypto "on the exchange, and the maintenance of the" crypto "exchange costs money and not small, 3) direct withdrawal of money from" crypto "is impossible, Maduro decided to tie his "petro" to his "affiliated banks", I don't even know to whom and how he sells his "steel" through "crypto", only to Russia, because nowhere is this "petro" needed for nothing, 4) any "crypto" has simply "monstrous volatility, that is, on the exchange its price jumps several times a day, which means that selling through" crypto "is a risky business. 5) Because of the volatility of crypto, it is impossible to carry out long-term planning its financial activities, that is, it is not clear how much "money" will be in your wallet " tomorrow ", 6) crypto is vulnerable and, despite the improving protection, is constantly being stolen by hackers, the same Ethereum exchange has undergone a catastrophic attack by hackers as a result, it had to split up, etc. 7) the ability to create" their "crypto-currencies is literally everyone based on one platform .... judge for yourself what it is, if, for example, about 1000 already exist on the Ethereum platform! "crypto currencies.

[cost]

Who knows, maybe it is Venezuela with its petro that will become the catalyst for the adoption of Bitcoin on a planetary scale, because the world wars began with a pistol shot? ..

[Monster_Fat]

I will continue about "crypto". Now, the "crypto" market is undergoing dramatic changes. What kind? But what: the United States and China will take the "crypto" market under their control (yes, they are already taking). How? And it is very simple - the withdrawal of money from "crypto" in their currency can be carried out without penalties, only on the stock exchanges controlled by these countries. That is, you withdraw in dollars? Yes, no question, only through the US affiliated exchange and payment of tax in a progressive form! Output in yuan? - the same! Get out of "petro"? Gee-gee-only in "bolivars" or in kg of Venezuelan "steel".

[Vlad.by]

So, in principle, any country on its territory is able to organize both the "printing" of the cryptocurrency and its withdrawal from the network.
The question is what to bring it to - the local bolivar is riding no worse than an unrogged horse, in theory, they want to leave, the yuan and the ruble are far, gold, with a weak local Ministry of Internal Affairs there will only be corpses ...
Oil? How to use it as a measure? How dad teaspoons sugar to sell?
In short, questions, questions.
But, the direction is right
Maduro would be good advisers, but power support in the form of OCHAS ...

[Kerensky]

Question: who holds the platform? Selling even parts of a real product, let alone gold, for units and zeros of code ...
It's like saving bitcoins for a rainy day ...

[Scoun]

Quote: Kerensky

Question: who holds the platform?

The question is interesting. When ours created offshore zones such as the port of Vladivostok, Russky Island, then our specialists worked out the issue of creating and launching cryptocurrency in Venezuela.
Maybe ours together and keep the issue under control, while studying and improving.

[maidan.izrailovich]

Question: who holds the platform?

The question must be posed broader. Such actions lead to a weakening of the dollar empire.
World currency should be produced by countries primarily possessing (selling) resources. And the countries producing the most goods. China is the world's No. 1 factory in the world. Russia is the country with the largest resources in the world.
But of course, the dollar just does not fall. And we need a consolidated policy in this direction of all interested countries. And perhaps this is what we are observing.
The most interesting is ahead. What will the US answer?

[Kerensky]

The question must be posed broader.

Why wider? Because:

Such actions lead to a weakening of the dollar empire.

?
Not at all! Let's say oil and part of the gold are sold for cryptocurrency. What to do with her? And if the platform is banged?
Avon as the Turkish lira just collapsed when they wanted. What, the Turks began to produce less in a couple of days? No. The team just came to the exchanges - Turkish money is trading cheaper.

World currency should be produced by countries primarily possessing (selling) resources. And the countries producing the most goods.

But ISIS (furry point) began to mint a full-fledged gold coin. How to be here?

[Finn]

I wonder why not to sell for Bolivars, better for the nat. currency?

[Positiv]

Quote: Finn

I wonder why not to sell for Bolivars, better for the nat. currency?

Not beneficial to the world Zionists who print dollars in the United States ..

[Blackmokona]

Bolivars have already been discounted to the level of Zimbabwean candy wrappers

[Monster_Fat]

I wonder why not to sell for Bolivars, better for the nat. currency?

Educational program about the "bolivar":

[Avior]

Yes, clearly ....

[Finn]

Another educational program is needed. What is the difference in the exchange rate against the Bolivar dollar, well, they will receive for a certain amount of oil not 1000 dollars, but 1000000 bolivars. They will buy for 1000000, as well as for 1000. What is the difference?

[Blackmokona]

We conclude a deal in 2019 goal that in 2020 will be realized before the end of the year, the sale of 1 million barrels for a billion bolivars.
The year 2020 is coming. For 1 billion bolivars, due to inflation, they already give only 50 bucks. Your trading partner changes 50 bucks for 1 billion bolivars, and buys a million barrels of oil from you under the contract. For the proceeds from the sale of a million barrels of oil, you can extract only 3 barrels of oil from the earth. You go to cry in the corner.
Therefore, it is incredibly important to conduct trading transactions in a stable currency, otherwise one of the trading partners can easily lose everything. Any non-instant transactions become too risky for their implementation.

[Finn]

Ah, well, if not instant, then I agree.

[sabakina]

Cryptocurrency to the peak of the US is good, but what about the security of such a currency?

[Blackmokona]

Petro is not a cryptocurrency, there are not all cryptocurrency mechanisms there. This is an analogue of bolivars. Just without cash

[sabakina]

It turns out that they only go inside the country?

[Blackmokona]

She also does not walk inside. It can only be converted into normal currency at a predatory rate and that's it

On December 7, Venezuelan pensioners were faced with the fact that their pension payments were automatically transferred to the Petro cryptocurrency; at the same time, local stores did not accept it for payment [5] [4], as well as crypto-exchanges and leading payments in the cryptocurrency of the company.

[rocket757]

They do not want to destroy their world .... he, that world, will resist and BEAT in response.
Without reliable associates, the matter ... is doubtful.

[Tusv]

Another run over the Bretton Woods system. What a beast such a BVS. These are dollars in exchange for gold with the possibility of a reverse exchange. What kind of USA will allow a reverse exchange, everything eats up the American military budget. But ruble credit cards and cryptocurrencies Russian gold can and should be returned to their homeland, at the same time leaving DARPA without a penny

[Lycan]

Quote: Tusv

hitting the Bretton Woods system

Amendment: to the Jamaican currency system (1976-1978).

[Tusv]

Amendment: to the Jamaican currency system (1976-1978).

Tell us about her. Guys don’t know

[Lycan]

Here - briefly about Bretton Wood:
https://www.banki.ru/wikibank/bretton-vudskaya_valyutnaya_sistema/
Here - average about Jamaican:
https://works.doklad.ru/view/vIw-sknxWdE.html

[Jack O'Neill]

And what will they buy for the "cue ball"? Are we going to sell them fighters for cue ball? No. Someone will sell them any goods for "cue ball"? I doubt it ...
Those. they will have to convert the "cue ball" into a currency - world, market currency, i.e. - dollar. And how much will they lose as a percentage of the cue ball?
The chief finance officer in Venezuela went kukukha or what?

[Blackmokona]

The economy has gone there for a long time, they have no money there even for feeding the golden chicken of the oil industry.

[Tusv]

Quote: BlackMokona

The economy has gone there for a long time, they have no money there even for feeding the golden chicken of the oil industry.

The question is whose oil this will be. Russian Ali American. We or the Yankees get it cheap

[Jack O'Neill]

Oil is their bread!
This, by the way, shows the level of the country. Here, take the same UAE, which also lived on oil, but now a very large part of the income is tourism. What about Venezuela? As they sat on the needle, they sit, which will destroy them.
If there was a desire, then they would have found an additional way of earning, but they do not seem to need it.

[GRIGORIY76]

And then they will also buy toilet paper for crypto?

[Connor MacLeod]

Well, this cryptocurrency will collapse. Would sell for yuan and rubles. And bolivar would be tied to these currencies.

[Snail N9]

For the yuan will not go-China is bound by an "agreement" with the United States on the yuan (although the Chinese "trade" with Iran, but there is a hazy "barter", as well as with the EU). But for rubles ... And by the way, such a solution was proposed - to create a crypto = currency based on the ruble among the BRICS and Venezuela - the ruble, at the very least poorly traded on the stock exchanges (in pools of at least 250000 rubles), however, Brazil (nudged by the USA) kicked up, offering it was its own currency, the basis of crypto, that India-type did not agree with this, but why is the rupee worse? Well, off we go. But there was a chance ... So that the United States no longer has this "chance" and imposes its own "hellish sanctions" - these sanctions will go to the very "end" - that is, to remove any attractiveness of ruble assets for investors, and for exchange trading. I'm wondering what the Central Bank of Russia is preparing to resist this? No, not "negative rates on foreign currency deposits" - utter stupidity, which will give rise to an even greater outflow of currency from the country and the opening of the "black market" of its movement, which will require government spending on its identification and liquidation, which is impossible in principle, but something more " smart "?

[cost]

Connor MacLeod (Zhenya):Would sell for yuan and rubles. And bolivar would be tied to these currencies.

Bolivar two can not stand (s)

[Connor MacLeod]

Have you heard about the dual-currency basket?

[cost]

And I heard about the dual-currency basket, and about EG
The question of backfilling is who?

[svp67]

Quote: Rich

The question of backfilling is who?

I'm afraid to fall asleep but it really looks like William Sidney Porter

For the fullness of his life, a person must experience poverty, love and war. But not at once.

They were told ...

[cost]

Sergey, good morning
I did not doubt your erudition, but Zhenya, who Connor MacLeod did not give an answer. He apparently took the catch phrase About Henry exclusively to the Venezuelan currency. This is EG, unfortunately

[svp67]

Good day Dmitry Thanks for your kind words

Quote: Rich

Catch phrase about Henry

We have here not far away an equestrian sports club called "Bolivar". Honestly, when I found out, I didn't know what to think ...

[7,62x54]

Interestingly, has Gref already begun to mine these petros? Or only trusts bitcoins?

[Blackmokona]

It’s impossible to mine Petro, there isn’t such a function there

[Alexander X]

Suppose I want to buy oil in Venezuela. So I must first buy their cue ball? For what currency will they sell them to me? Or first I’ll sell them, say, a dozen fighters. They are cue ball to me and then I will buy oil? How realistically will Venezuela conduct trading operations?
But the very idea of ​​providing the currency with real mat.values ​​is good and destroys the unsecured dollar.

[bratchanin3]

What a bad precedent for the Americans! If every country starts selling its assets for HIS money, then where will the Americans go? And who will need their paper candy wrappers ??

[ender]

and if the trade balance is not zero, what to do next with this money?
and what will the rate of this money be tied to? anyway to the dollar?

[bratchanin3]

But besides US dollars there is also such an international equivalent as gold and other precious metals!

[Alexander X]

Quote: ender

and if the trade balance is not zero, what to do next with this money?
and what will the rate of this money be tied to?

So to the cost of oil in the country ... The article says this.

[ender]

where does the cost in the country? they export it. and in what currency is the oil price calculated on the world market?

[NF68]

Now wait for the next batch of nasty things from the USA.

[gorenina91]

-And how will the price of this Venezuelan oil be set ???

[Lena Petrova]

Quote: maidan.izrailovich

The most interesting is ahead. What will the US answer?

The construction of new submarines and aircraft carriers.

[ficus2003]

I’m glad, but I would like to know how this affects the sanctions and the power of the dollar, because their currency (bollyvar) is still so weak that almost no country accepts payment, and you can’t buy common goods for your cryptocurrency from other countries - they need a dollar, euro, or at worst yuan.

[Zusul]

And what prevented selling in bolivars? The same eggs, only in profile

[Nikolaevich I]

Yoksel-Moksel! Well, how to get along for a senior citizen in this world? When we were told that cybernetics, genetics are "the corrupt girls of imperialism", we believed! When it was explained to us that cryptocurrencies are the infamous invention of the Pentagon, we again believed! But already "in the night, hints are blinking" that our country is "about" with cryptocurrency, as well as "genetics-cybernetics"!