Signs showing Venezuela already escaping Western sanctions through the 'back door' of its new Cryptocurrency
The developments in the field of the global currency war are rapid. Venezuela proceeds fast in issuing its own Cryptocurrency by mobilizing a potential of more than 800,000 'miners' inside the country!
The most fascinating thing in the whole story, is probably the fact that the stupid Western strategy of sabotaging the Venezuelan economy through various actions inside and outside the country, is pushing Venezuela towards a pioneering path of the electronic transactions of the future.
As TeleSur reports:
This would be the first time that Venezuela's “Petros” receive the endorsement of other nations. During a meeting with foreign investors, Minister José Vielma Mora announced Tuesday that he received a “group of Brazilian businesspeople who wished to invest in Venezuela US$300 million, starting with a US$100 million inversion.”
Poland, Dinamarca, Honduras, Norway, Vietnam among others also expressed interest in exporting goods to Venezuela like food and medicine for a total amount of US$435 million, while receiving payment with Venezuela's new crypto-currency, reported Venezuela's Ministry of Foreign Trade. He added that a Canadian trade chamber also planned to invest in Venezuela “in pharmaceutics for humans and animals.” He recalled that the government emitted a total 82,4 million Petros for a start, to be put on pre-sale on Feb. 20 through the creation and sale of a token from the blockchain platform Ethereum.
President Nicolas Maduro created the Petro last Dec. 3 in order to counter the economic blockade imposed by the United States and Europe, while giving the country news ways of accessing the international market.
Already 860,000 Venezuelans have signed up to be part of the South American nation’s “mining” team. The Registry of Cryptocurrency Miners, which was launched by Venezuela's Superintendence of Cryptocurrencies and Related Activities, will remain open until Jan. 21, and is the only portal by which mine farmers can access the new cryptocurrency.
The Superintendency, as well as the Blockchain Observatory, will regulate how the Petro functions.
The big news here is that foreign countries and investors, even from the West, seem to have ignored, at least for now, the 'order' of the US empire to exclude Venezuela from their transactions. Also, it seems that they have no problem with the fact that oil deposits are currently under state control. This is highly important because we know that Venezuela has become a primary target of the US empire since Hugo Chavez years because he had the 'audacity' to nationalize oil deposits, throwing the US big oil companies out of the country.
These are further signs that the dollar-dominated global economy may end sooner than one would have thought.
When in mid-October 2017, Russia announced that is considering to issue its own Cryptocurrency, the Cryptorouble, we estimated that, with the technology of more powerful computers in close future that could 'mine' Cryptocurrencies at much faster rate, the number of people who will choose to abandon traditional currencies may rise rapidly. Those who will set-up such a de-centralized financial system, will gain a great advantage against the obsolete system of traditional currencies controlled by central banks. Even entire countries may choose to jump into the new system, in order to escape from the monopoly of the Western hard currencies.
The fierce economic war against Venezuela has forced the country to move faster than Russia and dare to make a risky pioneer step. It seems that it may be proved quite effective in its effort to bypass the Western monetary monopoly.
If Venezuela succeeds, Pandora's box will open for good. It would be very difficult for the Western financial centers to control the brand new 'universe' of alternative transactions. Naturally, the more countries will start adopting the Cryptocurrency alternative, the more Wall Street panic will grow.