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Venezuela will propose OPEC oil currency have


of the Venezuelan President Nicolas Maduro will heat up the members of the organisation petroleum of exporting countries OPEC for a joint Kryptowährung. Al-Jazeera reported this Tuesday. Model could be its own controversial digital currency announced in December Petro, which is kept with the crisis propped country’s oil reserves. Whether Maduros falls proposals when the oil producers on fertile soil, is considered questionable.

When the presale of the Petros at the start in less than two weeks, only the beginning should be this – at least when it comes to Nicolas Maduro. The President of Venezuela announced on the radio of the South American country this week, to bring a currency of oil OPEC countries on the way.

“I will propose officially all OPEC members and oil producers, to introduce a common oil safe Kryptowährungsmechanismus’,

of the 55-year-old describes his vision.

According to Maduros, oil producers could issue a value stable, common oil-backed currency modelled on Petro.

Securing the oil the other?

A such OPEC Petro would be a real coup for Maduro. Because the OPEC in Vienna represents also the oil-rich Gulf States in addition to Venezuela. So is responsible for an estimated 45% of global oil production. Also, 75% of global oil reserves lie in soils and waters of member countries.

A common currency would protect them against the possible resistance from abroad that aimed only against Caracas in Venezuela. Maduro is located with their backs to the wall. Its economy crawls, the fortunes of the “Petro” experiment is questionable.

While the local opposition on the warpath goes, “illegal” and an “unlawful bond of the State oil reserves” is called the Petro, one wants in contrast, especially on the part of the United States never. And that is a witness be how Venezuela is the international financial sanctions.

An OPEC-Petro, you will not want to admit and in doubt put all the stops to prevent it. Although the organization once ousted the Americans as the world market leader and tried to dictate the price of oil through production cuts to the displeasure of the United States. Moreover the US influence on OPEC’s competitors is nonetheless especially in foreign policy. So OPEC motor and world leader Saudi Arabia considered close ally of Washington.

In the fight against the downward spiral

In the December last year, Maduro announced the digital currency based on oil reserves. With her country should by the crypto boom benefit, find the way out of the economic crisis – and therefore drop the chains of international sanctions. As with a then rampant inflation by 2,900% Venezuela since last year in a faster rotating downward spiral. Food is scarce, public order disintegrates. The International Monetary Fund predicted Venezuela even a 13,000% inflation rate by the end of the year.

A first injection of funds, however, might be the Petro pre-sale. This starts in less than two weeks. Last week, the President had announced that with the signature of the Petro-white-papers and published for the first time new details. So, the Petro should in the future can be used by using the passport and identity papers and bind citizens immediately to the State in their financial management.

“the Petro will have huge impact, our access to foreign currency will look like and how we will relate to goods and services, we need from anywhere in the world”,

so Maduro on Venezuelan television.

As today was known let in an early election already on 22 April himself re-elected. The vote is only his name. According to estimates, this could remain so even against the wishes of the opposition.


about David Barkhausen

 David Barkhausen David Barkhausen already as a freelance journalist for several daily newspapers, radio, television, and by the way his own blog written and reported. Since 2017 focuses on the complex subject of Blockchain the master student of political science of the University of Heidelberg. In this context, he focuses primarily on the areas of regulation, social and economic policy.

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