Expectations About Venezuela's El Petro In The World's Oil Geography

Contagious effect

There has also been an enthusiasm on the part of other countries to advance initiatives equivalent to the Venezuelan cryptoactive, a fact that seems to mark a starting point for the creation of an economic ecosystem very different from the one that determines daily life today.

In Iran, a country that is also blocked and sanctioned by the US, the Minister of Communication Technology and Information, Azari Jahromi, told the social network Twitter that during a meeting with the board of the main banks of Iran and several state institutions, there was discussion on the creation of a "digital currency based on the Block Chain". In addition, the Secretary for the Cybernetic Space of Iran, Abolhassan Firouzabadi, made a statement about the opening that the Persian country could assume to other cryptocurrencies such as Bitcoin, of course, through regulations.

These statements made by the Iranian high government are very similar to the policies that have been implemented in Venezuela, evidently for the monetary side, but also for the assumption of other cryptocurrencies within the national economy. In Iran it remains to be seen if its cryptocurrency will have support in any resource, if it will have internal circulation or will be used only for foreign trade, and if there will be a registry of miners as it happens in Venezuela. But for now it is a sign of the influence of Petro in the world, to the point that this currency is referred to as "the next Petro" in various media because Iran is also an important producer of oil and gas.

From Turkey, Deputy Kenan Tanrikulu has created a proposal to also create a national cryptocurrency that will be called Turkcoin, and makes it clear that it should be done as soon as possible because the Block Chain is being rapidly implemented around the world. Although Tanrikulu belongs to a party that does not represent the majority of the Turks, the Justice and Development party, the main one of that nation, will back the proposal. This scenario indicates that there is a consensus within Turkey that could mean the development of its cryptocurrency in the short term.

As expected, within the framework of this measure in Turkey there is a lot of institutional activity to design a regulatory legal framework that allows the implementation of the Turkcoin within a context of firm financial, legal, political and tax security; Very likely they will also be inspired by the Venezuelan Petro.

The Marshall Islands are also preparing to create their criptodivisa called The Sovereign. The members of the parliament voted this week approving the measure and it is expected to proceed quickly to its Initial Offer, stage where the "Sovereigns" will be sold. The funds received as a result of the sale will be used to finance long-term plans in that nation, as well as to provide health assistance to the victims of radiation by the nuclear experiments made by the US decades ago in the archipelago, according to words of the Minister of the Office of the Presidency David Paul.

Ironically, the use of cryptocurrency managed by state institutions is also being promoted in the USA. Senator Clyde Vanel introduced a project on February 2 to study the creation of a new currency in the state of New York. Despite not being a cryptocurrency for the entire country, surely the initiative will have replicas in other entities, and who knows, may end up issuing a national cryptocurrency in a short time to escape the same dollar, which, it is worth limiting, its Issuance is controlled from private institutions outside of any sovereign influence.

In the most influential websites within the international cryptocurrency ecosystem there has also been a lot of movement around the Petro. Most of them welcome the implementation and point out with great expectation the unique features of the Venezuelan crypto-active, which even though it is not the first one backed by other resources (see Digix DAO), it is the first issued from a sovereign State and also with support.

Sites like Cryptocompare already show a countdown where the start of the Initial Offer is expected, the last step that is missing for the final issue of the Petro. This process will only end when all the Petros offered are sold, 82 million 400 thousand units, each with a price marked by the value of the oil barrel of the Venezuelan basket.

Uncomfortable truths of accepting

Although from the propaganda arms of traditional finance such as Bloomberg, Forbes, CNN Money and others, who strive to defame the Petro in its first steps, it is important to emphasize that they manifest every day on the cryptoactive. If the Petro does not work and its initial figures are discouraging, as they say, then it would be nonsense to spend so much time speaking against it.

The fact is that there is no consensus on the opinions about the Petro, from other media that can not be branded as Chavistas, or even independents like CNBC, they have had to settle for reviewing the official communications of the national government , and others, such as the Fortune portal, which reluctantly has had to highlight the fact that perhaps the Petro can serve to circumvent US sanctions, as well as the high sum of money committed by those interested during the Pre-sale. There are things that can not be hidden.

It is clear that the world is shaping itself around the Block Chain and that Venezuela, under the direction of President Maduro, has been able to see this scenario in advance. Many countries will join the Venezuelan example, especially because of the possibility of capitalizing on strategic plans, circumventing trade sanctions, leaving economic blockages unlocked, opening up the possibility of having new business partners and avoiding the rigged risk ratings of traditional agencies based in New York.

The energy issue

Along the same lines, the Chinese rating agency Dagong International Credit Rating Group recently released a statement detailing the benefits that Petro could bring to the global ecosystem of energy trade, describing the possibility of creating credit from mineral resources as innovative. no longer with "fiat" coins or without backup. Although it may seem like a small detail, this statement predicts a new pattern for the world economy, one where there will be more sovereignty over the strategic resources of each nation and with a roof based on them.

Today, the economic ecosystem is designed around intimidation by the United States. In addition, it has no ceiling, money has been created without support that could buy anything, and the current levels of debt in the US, adding public and private, are so exaggeratedly large that they put their own long-term financial sustainability at risk.

Bearing in mind that the energy market is the backbone of current civilization, it is clear that changing the way things are done in this respect will have consequences in the international order: new alliances, new hegemonies, new routes, new institutions and new centers of finance. If the sovereign experiments of implementing the Block Chain are successful in important oil countries (Iran, Russia and Venezuela), in a very short time the geopolitical and energy map will have to be drawn differently, it will tend to change its center of gravity to sanctioned nations by the US that were always relegated to subordination through dependence on the Western financial system.

The door that opens the Petro, beyond attending to the internal economic emergencies, also has to do with a strategy of disassembly of the geofinancial architecture that guaranteed for the US a total dominance in global geopolitics throughout the second half of the 20th century: the petrodollar.


Translated by Paul Antonopoulos.

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