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Socialist Venezuelan Congress Bans Maduro’s Petro-backed Cryptocurrency Attempt, Prefer Economic Collapse! Reader 01/12/2018 (Fri) 13:34:23 Id: 5c7e93 [Preview] No. 5401
Venezuela’s democratically elected National Assembly has outlawed the use of a national cryptocurrency known as the “petro” on Tuesday, describing it as an illegal attempt to mortgage the country’s oil reserves.

The country’s socialist president Nicolás Maduro announced the introduction of a national cryptocurrency last month as a solution to the government’s enormous debt burden, declaring that the “21st century has arrived” in Venezuela.

Maduro argued that the move would help Venezuela “advance in issues of monetary sovereignty,” principally through the bypassing of sanctions imposed by the United States.

On Friday, the government revealed that it would release 100 million “petros” in the coming weeks in an effort to raise hard currency, although opposition lawmakers are warning investors that the currency could be rendered worthless if Maduro was ousted from power.

[If ever successful] the currency would be backed by the country’s oil reserves, which represent around 95 percent of its total exports, as well as other resources such as gas, gold, and diamonds.

[Note: This would have provided much aid to recover the collapsed socialist economy of Venezuela! But we all know socialists don't like prosperity or industry.]

The regime hopes the plan will enable it to get hold of hard currency to deal with the country’s worsening economic and humanitarian crisis, that has left the government almost facing a debt burden of around $200 billion while millions of Venezuelans are starving or suffering from serious unattended health problems.

It is also designed hopes to bypass sanctions imposed by the Trump administration that prohibit Americans from dealing in Venezuelan debt, making the government’s access to hard currency even more difficult. It could also help ease the pressure of hyperinflation, which has rendered the country’s bolivar currency practically worthless and forced the government to continuously release higher denomination banknotes in order to keep up with price rises.

Excitement around cryptocurrencies has soared in recent months with the stratospheric rise of the Bitcoin currency, which recently surpassed a value of over $20,000 before dropping back.


Reader 01/12/2018 (Fri) 13:40:46 Id: 5c7e93 [Preview] No.5402 del
Looks to me like Nicolás Maduro now realizes socialism does not work and wants to have an alternative currency that is backed by something of true value. Which is a startling change from former policy. However the Venezuelan Congress prefer to keep the status-quo... the same policies that have created misery and hell for millions of citizens.

I predict the same will happen 20 years down the road, in America as well. Be prepared and remain armed.

Reader 01/12/2018 (Fri) 14:20:36 Id: 02d49d [Preview] No.5404 del
>sanctions imposed by the Trump administration that prohibit Americans from dealing in Venezuelan debt, making the government’s access to hard currency even more difficult

socialism not working unless the whole world is socialist, again!!

Reader 01/12/2018 (Fri) 14:28:30 Id: 5c7e93 [Preview] No.5405 del
It makes sense to prohibit American banks from dealing with Venezuelan debt, its damn risky for our end.

HOWEVER... if Venezuela adopted a new economic policy, created a new currency and backed it by legit value - their own rich reserves - I could see us establishing a trade deal. In fact I personally would LOVE to see that happen, it would be great for both our countries!

Maduro is trying to head in the right direction, but his fucking corrupt-ass socialist govt is prohibiting fiscal responsibility and reform! Until then; until they can fix their insolvency; fuck em!

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