Colleagues, most readers will know
that Venezuela’s socialist government wants to circumvent US economic sanctions
by launching its Petro (PDVSA) cryptocurrency. This move would
provide the beleaguered government access to financial resources it so desperately
needs. The broader issue is whether OPEC
should adopt the Petro as its de facto digital currency for global crude oil
transactions among both first and third world nations. Venezuela ranks a
distant 6th place behind Saudi Arabia, Iraq, Iran, the UAE and
Kuwait according to crude oil production data from Statista. The Cryptocurrency Academy predicts that OPEC will steer clear of “little Venice’s”
Petro as reported by Prensa Latina and instead adopt an oil-back
cryptocurrency sponsored by Saudi Arabia’s Aramco in mid-late 2019. We also
predict that a Saudi sponsored currency is likely – by design – to be far more
transparent than the Petro when it comes to tracking payments and transactions. Post a comment today! Lawrence – Cryptocurrency
Academy (https://cryptocurrencyacademy.blogspot.com/)
Our mission is to provide Training and Certification programs to enable Cryptocurrency, Blockchain and FinTech traders and investors worldwide to achieve their career goals.
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