by Peter Koenig
February 23, 2018
from GlobalResearch Website
 

As this article goes to print, Globovision TV quotes Venezuelan President Nicolas Maduro announcing the launch of a new cryptocurrency, the "Petro Oro".

It will be backed by precious metals. The launch of the new cryptomoney is scheduled for the next week.

No details of quantities offered for sale are available at this point.

"I do not want to rush things, but we have a surprise regarding the petro and the gold, which will have the same dimension as it has been related to oil, but it is the theme of next week," the President says.

The first public offering, the 'Pre-sale' of 38.4 million of the oil-backed "Petro" on 20 February, has raised US$ 735 million equivalent which is considered a great success.

Imagine an international currency backed by energy?

By a raw material that the entire world needs, not gold - which has hardly any productive use, but whose value is mostly speculative - not hot air like the US dollar.

Not fiat money like the US-dollar and the Euro largely made by private banks without any economic substance whatsoever, and which are coercive. But a currency based on the very source for economic output - energy.

On February 20, 2018, Venezuela has launched the "Petro" (PTR), a government-made and controlled cryptocurrency, based on Venezuela's huge petrol reserves of about 301 billion barrels of petrol.

The Petro's value will fluctuate with the market price of petrol, currently around US$61 per barrel of crude.

The Petro was essentially created to avoid and circumvent illegal US sanctions, dollar blockades, confiscations of assets abroad, as well as to escape illegal manipulations from Florida of the Bolivarian Republic's local currency, the Bolívar, via the black-market dollars flooding Venezuela; and, not least, to trade internationally in a non-US-dollar linked currency.

The Petro is a largely government controlled blockchain currency, totally outside the reach of the US Federal Reserve (FED) and Wall Street - and it is based on the value of the world's key energy, hydrocarbons, of which Venezuela has the globe's largest proven reserves.

In a first batch Venezuela released 100 million Petros, backed by 5.342 billion barrels of crude from the Ayacucho oil fields of Orinoco; a mere 5% of total proven Venezuelan reserves.

Of the 100 million, 82.4% will be offered to the market in two stages, an initial private Pre-Sale of 38.4% of so-called non-minable 'tokens', followed by a public offering of 44% of the cryptomoney.

The remaining 17.6 million are reserved for the government, i.e. the Venezuelan Authority for Cryptomoney and Related Activities, SUPCACVEN.

When launching the currency, on 20 February 2018, Vice-president Tareck El Aissami declared,

"Today, the Petro was born and we will formally launch the initial pre-sale of the Venezuelan Petro. Venezuela has placed herself in the vanguard of the future.

 

Today is a historic day. Venezuela is the first nation to launch a cryptomoney, entirely backed by her reserves and her natural riches."

President Maduro has later affirmed that his country has already entered contracts with important trading partners and the world's major blockchain currencies.

Can you imagine what this means?

It sets a new paradigm for international trade, for safe payment systems that cannot be tampered with by,

• the FED

• Wall Street

• SWIFT

• New York courts

• other Washington puppets like,

  • the European Central Bank (ECB)

  • the unelected European Commission (EC)

  • other EU-associated Brussels institutions

It will allow economic development outside illegal 'sanctions'.

The Petro is a shining light for new found freedom from a hegemonic dollar oppression.

What is valid for Venezuela can be valid for other countries eager to detach from the tyrannical Anglo-Zion financial system.

Imagine, other countries following Venezuela's example, other energy producers, many if not most of whom would be happy to get out from under the Yankee's boots of blood dollars inundating the world thanks to uncountable wars and conflicts they finance - and millions of innocent people they help kill.

Rumors have it, that in a last-ditch effort to salvage the faltering dollar, the FED might order the IMF to revert to some kind of a gold standard, blood-stained gold.

Of the 2,300 to 3,400 tons of gold mined every year around the globe, it is estimated that about a quarter to a third is illegally begotten, so called 'blood' gold, extracted under the most horrendous conditions of,

• violence

• murder

• opaque mafia-type living (and dying) conditions

• child labor

• sexual enslavement of women, many of whom way under-age

• abject poisoning of humans with,

  • heavy metals

  • mercury

  • cyanide

  • arsenic,

  ...and more

• contamination of surface and underground water ways

• vast illegal deforestation of tropical rain forests,

...and more.

That's the legacy of gold, the MSM ("main stream media"), of course, doesn't talk about.

That's what the west based its monetary system on until 1971, when Nixon decided to replace gold with the fiat dollar which then became de facto the world's major reserve currency, albeit declining rapidly over the last twenty years.

In desperation, Washington might want to apply another gold-based international norm to salvage the faltering dollar. Of course, a norm designed to favor the US, with the rest of the western and developing world destined to absorb the astronomical US debt...

Since the world's major gold-mining corporation and the illegal gold-digging mafia networks work hand-in-hand, smuggled gold works its way intricately into the dominium of shady traders, many of whom also deal with so-called white gold (drug powder), washing gold and drug-money simultaneously, thereby confounding and obscuring the origins of either.

Eventually this illegal gold is purchased by major gold mining or refining corporations mixed with 'legal' gold, so that the illegal portion is no longer traceable.

Therefore, every ounce of gold that would back our money, the purchases of our livelihoods would be smeared in blood, in children's abuse and death, in murdered and enslaved women and men, in poisoned water ways and in a contaminated environment.

But the world wouldn't go for it. No more. There are healthier and more transparent physical assets to back up international currencies, i.e. the Petro, backed by energy.

Though not free from socio-environmental damage, petrol-energy may gradually convert into alternative sources of energy, like solar, wind and aquatic power or a combination of all of them.

What the world is to aim for is a monetary system based on each nation's or group of nations or societies economic output.

Today it's the other way around:

it's the fiat money, designed by the Anglo-Zionist masters of finance, that defines economies.

Thus, economies in our western world are prone to be manipulated by the rulers and their institutions:

• FED

• IMF

• World Bank

• World Trade Organization (WTO),

...that support the debt/interest-based monetary rules - they are purposefully maneuvered into booms and busts.

With every bust, more capital is transferred from the bottom to the top, from the poor to an ever-smaller elite. The energy-based Petro is a first step away from this sham.

Imagine the Petro was to become the new OPEC currency!

The world would need Petros, as it used to need US dollars to buy hydrocarbon energy. But Petros are blockchain-safe, less vulnerable for manipulation.

They are not coercive, they are not made for blackmailing 'unwilling' nations into submission; they are not tools for violence. They are instruments of equitable production and trade. They are also instruments of protection from the fiat money abuses.

The world's ten largest hydrocarbon reserve holders have a capital base of 1.4 trillion barrels of crude.

Not bad to start a worldwide cryptocurrency, based on energy, controlled by energy and by all those who will use energy - that might become a world reserve currency, at par with the Chinese economy - and gold-backed Yuan, but much safer than the fiat currencies of,

• the US-dollar

• Euro

• British Pound

• Japanese Yen

Source: TeleSUR
 

We are talking about a seismic paradigm shift. Its potential is unfathomable.

The move away from the US-dollar hegemony might result in an implosion of the western monetary structure as we know it.

It may stop the predator empire of the United States in its tracks, by simply decimating her economy of fraud, built on military might, exploitation and colonization of the world, on racism, and on a bulldozing scruple-less killing machine.

The Petro, a secured cryptocurrency based on energy that everybody needs, might become the precursor for an international payment and trading scheme towards a more balanced and equitable approach to worldwide socio-economy development.

Venezuela - Petro Sales Exceed...

$1 Billion in Just Two Days
by Telesur
February 25, 2018

from GlobalResearch Website
 

Venezuelan President Maduro

said almost one million people

have visited the Petro website

since the currency's launch

two days ago.
 

Venezuelan President Nicolas Maduro said Thursday that his government has raised US$1 billion in the first two days of its "Petro" cryptocurrency sale.

"We already have offers and negotiations that exceed US$1 billion, in just two days, far exceed US$1 billion, here in the hand, cold and hard," said Maduro in a brief speech on Facebook live.

Each day that passes,

"that will grow, that's US$1 billion... that go directly to the resources of the Republic," added the president.

The Venezuelan government issued the digital currency in response to the financial sanctions applied by the United States and European Union, which prevent its citizens from acquiring new debt from the oil nation and limited the movements of Caracas' money in global banking.

Maduro said that in the first two days since the launch of the digital currency,

"292,000 Petro purchase option offers have been made, of which 36 percent have been made in dollars, 15 percent in Euros, 18 percent in Ethereum, and 31 percent in Bitcoin."

The cryptocurrency has generated interest in several countries, such as,

• Colombia

• China

• Spain

• Palestine,

...after the Venezuelan government launched a private presale of 38.4 million Petros of the total 100 million released, which will extend until March 19.

"Just today 950,000 people entered the page to interconnect, download information from the Petro, which is a positive phenomenon, a monetary, political, economic, psychological phenomenon in the path of the new economy," Maduro concluded.

The launch of the Petro was announced in December.

It is regulated by the Superintendence of Cryptocurrencies and Related Activities, as well as the Blockchain Observatory.

Cryptocurrencies typically are not backed by any government or central banks, nor are they regulated.

However, the U.S. Security and Exchanges Commission has been increasingly tracking digital currencies, classifying some tokens as securities, thus making them subject to oversight.