Courtesy of JB.
The question is backed, HOW? The devil is always in the details. Courtesy of JB.
Venezuela Creating Digital Currency Amid Financing Crisis
December 3, 2017
Caracas (AFP) – Venezuela is creating a digital currency to combat a financial blockade by the United States, President Nicolas Maduro announced Sunday.
The Petro will be backed by Venezuela’s oil and gas reserves and its gold and diamond holdings, the president said in his weekly television program.
“This is going to allow us to move toward new forms of international financing for the country’s economic and social development,” the president said.
The government also announced the creation of a “blockchain observatory” — a software platform for buying and selling virtual currency.
Although the president did not offer many details, analysts such as Henkel Garcia see the possibility of success as limited.
“You can build it, but trust, acceptance and use is what will determine the cryptocurrency’s success. For me, it will be quite limited. The bolivar is is [sic] also backed by reserves and has no strength,” Garcia, director of consultancy Econometrica.
Courtesy of JB
Breaking!!! Congress Finally Orders Fbi To Specially Investigate Hillary Clintons Email Scandal
CIGA Peter brings back a blast from the past as a current day analogy!
After listening to your latest podcast something hit home.
You would have to believe that gold and silver is money for
this concept to work.
Remember that banks would give you a toaster to open an
account and deposit your money (currency) with them.
Now the bullion banks or exchanges are giving you
currency to leave real money (gold and silver) on deposit
with them. These magicians have turned fiat currency into
a toaster as a reward for leaving real money with them. We
all know toasters need to be replaced as they don’t last forever
just like fiat currencies that have too much debt attached to them.
I’d like to say this is going to be fun to watch, but I know it won’t be.