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Venezuela Launches Oil-Backed Cryptocurrency (bbc.co.uk)
Venezuela has launched a cryptocurrency backed by oil in an attempt to bypass tough economic sanctions imposed by the U.S. government. "The 'Petro' is intended to bolster the country's crumbling economy, which has been suffering from hyperinflation and devaluation for years," reports the BBC. "Venezuela claims it is the world's first sovereign cryptocurrency." From the report: Critics say the move is a desperate attempt by Caracas to raise cash at a time when Venezuela lacks the ability to repay its $150 billion of foreign debt. Opposition leaders said the sale constitutes an illegal issuing of debt, while the US Treasury Department warned it may violate sanctions imposed last year. The government says the currency aims to circumvent US sanctions on the economy. President Nicolas Maduro has said each tokens will be backed by a barrel of Venezuelan crude. The Latin American country has the world's largest proven oil reserves. A total of 100 million Petros will be sold, with an initial value set at $60, based on the price of a barrel of Venezuelan crude in mid-January. The official website published a guide to setting up a virtual wallet in which to hold the cryptocurrency, but did not provide a link for actually doing so on Tuesday.
Crypto currency backed by Venezuelan oil? You mean you want to privatize that industry your government took over for a profit?
So if I want to trade my Petro for a barrel of crude is it FOB origin, shipping point or FOB destination shipping paid? My guess is it's like the Gold Standard used to be.... Forget trying to cash in.
"File to fit, pound to insert, paint to match" - Aircraft Maintenance 101
Lots of people are dying in Venezuela, because all the "right" people have guns. I'd like to believe the parent's post is a bit of sarcasm, but I'm not so sure...
The world's burning. Moped Jesus spotted on I50. Details at 11.
Untrue. VZ oil goes back to the 1920s.
You mean, giving it to poor people like Chavez's daughter (now worth billions).
Poor, but also agriculturally very rich. If the current administration only could maintain farming and some industry beside oil...
Silly libertarians, recoiling over such minor issues like mass starvation and dictatorship.
Venezuela has the second highest homicide rate in the world. Just how much of those killings do you think weren't firearm related? If most of them weren't, that doesn't help the pro gun control crowd at all, and in fact works very much against their argument.
Also the general legal lack of civilian access to firearms means that they're incapable of overthrowing their terribly corrupt and authoritarian government. I wonder if Venezuela will devolve into North Korea levels of destitution.
At least people have been relatively free to flee into neighboring countries, but neighboring countries are starting to clamp down on that because it's becoming unmanageable. Colombia is reported to have had 300,000 migrants in the last 6 months on top of those who fled previously. Brazil has probably seen similar numbers.
human rights abuses
Depriving the US oil executives of their traditional resources and livelihood. Won't someone please think of the poor Exxon shareholders?
Have gnu, will travel.
Also the general legal lack of civilian access to firearms means that they're incapable of overthrowing their terribly corrupt and authoritarian government.
Don't Americans keep saying they have a 'corrupt and authoritarian government'?
They have plenty of guns.
Are Americans just lazy?
Yes, morbidly obese Amerikkkans with a gun fetish love to polish their penis replacement (guns) while fantasizing about overthrowing their government. They are, of course, all talk and no action. Deep down they know their fat ass weekend warrior self with a collection of guns is no match against the government's tanks, planes, helicopters, gunships, drones, and actual trained soldiers.