- Jan 14, 2016
Heroes of Anti-Imperialist Resistance
I think this is a great idea. Unlike the US dollar, which is only backed by debt, the Petro will be back by huge reserves of oil, gold, diamonds and other valuables. Of course, this is a major challenge to the US Empire of Chaos. The last person to try anything like this was Gaddafi, and now Libya has been reduced to an unspeakable hell on earth.
The Bolivarian Republic's latest attempt to throw off the shackles of dollar hegemony comes amid the rise of bitcoin and escalated U.S.-led sanctions.
President Nicolas Maduro said on Sunday that Venezuela will launch a digital currency to combat the ongoing attempts by the U.S. and its junior partners to suffocate the Bolivarian Republic through sanctions.
The digital currency – called the “petro” – will be backed by Venezuelan reserves of gold, oil, gas, and diamonds, he said during the near five-hour show, which included traditional Christmas songs and dancing.
The president announced that it would allow Venezuela to “advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade.”
"This is going to allow us to move forward to new ways of international financing for the country's economic and social development," said Maduro during his weekly television program broadcast on public media outlets.
The announcement reveals a novel method through which the Bolivarian Republic hopes to sidestep Canadian, European and U.S- sanctions that have been imposed on tens of top-ranking officials, making it increasingly difficult for Venezuela’s to move money through international banks.
Goodbye Dollar, Hello 'Petro': Venezuela's Maduro Announces New Digital Currency