el Petro As International Payment Between Venezuela and Russia!? by Rory - The Daily Coin
When we first announced the development of el Petro, the Venezuelan cryptocurrency backed by oil, gold and diamonds, there were a great many skeptics, including myself. The collapse has been well documented over the course of the past 3 years and the end result has been a move away from the Western world based economy and towards Eastern world based economy like that of Russia and China. U.S. imposed sanctions have been the biggest problem with Venezuela's economy. Maybe, just maybe, President Maduro isn't the maniac he has been painted to be in the ever-so-trustworthy Western media.
The Petro, which was made available for presale on Feb. 20, is being used to counter U.S.-imposed sanctions and the economic war waged by Washington on the South American country. Maduro said the new digital coin aims to strengthen the country's "monetary sovereignty, to make financial transactions and overcome the financial blockade." Source
The U.S. imposed sanctions against Venezuela have played the biggest role in pushing Venezuela towards Russia. If someone is abusing you why would you continue that relationship?
The talks are being held amid a Russian-Venezuelan high-level commission taking place in Caracas.
Russian and Venezuelan officials are discussing the use of the South American country's new cryptocurrency, the Petro, for international transactions, Wilmar Castro Soteldo, Venezuela's Sectoral Vice President of Economy said Monday. The discussions about the Petro, which Russian officials are interested investing in, emerged during a round of talks between the two countries taking place in Caracas.
Venezuelan President Nicolas Maduro had previously announced plans to create four economic zones using the Petro. He has also stated his country's intent to use the Petro to complete property sales, as well as the procurement in public works.
Russian and Venezuelan officials are also discussing bilateral cooperation related to railroad projects in the South American country, agricultural matters health and the military.
The Venezuelan Foreign Ministry also reported that the agenda includes talks about the strategic alliance between Russian energy firm Rosneft and Venezuela's Petroleos de Venezuela S.A., or PDVSA, and the possibility of building mining industry equipment.
Attending the meeting is Oleg Ryazancev, Russia's Deputy Industry, and Trade Minister. He was quoted as saying that his country considers Venezuela as being a strategic partner and such bilateral meetings between the two nations “certify the success of our cooperation.” Source
Apparently Russia has more confidence in el Petro than most anyone else or this is simply a bargaining chip and the oil, gold and diamonds are the true bargaining chips and el Petro is merely the name to show the world. If this plays out as presented, el Petro could become extremely valuable and may even set a precedent for the bond market. Why would a nation need to issue bonds if a "token" representing hard assets is all that is needed to secure a loan?
How this will play out will be known by years end or even sooner. Venezuela needs help now, Russia knows this and it sounds like there is a lot at stake for both countries. It sounds like Russia is going to be in Western hemisphere. Not sure how this will settle with the warmongers at the Pentagon and in Washington DC, but if Russia has her hand in everything described above she will most certainly have a major influence over the future direction of Venezuela. Like I said this should play out fairly quickly as Venezuela is in no position to do any "hard negotiating" since the countries economy has gone up in flames.