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Trading And Investing In & Out Africa

ISSUE 153 - VOL 2
October 15, 2018 - January 14, 2019

Dr. Bienvenu-Magloire Quenum
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Welcome to the quarterly issue of Africabiz Online /free access Synopsis & RSS Feed edition. Previous issue available at this link

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By Dr. Bienvenu-Magloire Quenum

Venezuela, officially the Bolivarian Republic of Venezuela, is a country on the northern coast of South America, consisting of a continental landmass and a large number of small islands and islets in the Caribbean Sea.

venezuela_map-.jpgThe country is endowed with huge natural resources: crude oil fields, Gold, other minerals deposits, Diamond. Etc. You name it Venezuela has it. That's the reason why over centuries, since the end of the Spanish colonialism era (1811-1821) it had been on the radar of the United States of America, which maneuvered to manage and control the local politics arena and the national economy - till the arrival to power (1998) of a nationalist regime under the leadership of Hugo Chavez.

With the arrival to power of Hugo Chavez who launched the Bolivarian Revolution, the majority of Venezuelans opted to take back their country from the clutches of the international capitalism.

And as always - when a developing country tries to liberate itself from the grip of the existing predatory financial system, Venezuela is, since 1998, under a vicious commercial, financial and media siege, by the international cartel of Western powers determined to obliterate and torpedo the Bolivarian Revolution - to bringing the Venezuela's government to its knees!

- Venezuela in Search for Solutions to Circumvent Sanctions

petro_venezuela.jpgTo survive the sanctions Venezuelan authorities took a string of political, military and financial decisions. First of all, the Bolivarian Revolution decided to arm the population and distribute firearm (Kalashnikov) to stem out a possible invasion of the national territory from surrounding countries working hand in hand with the international financing cartel.

And in search for way and means to continue trading freely, import vital commodities and fight against inflation, they decided to de-peg the national currency, the Bolivar, from the US$

The quest led to the creation of the Petro, to have access to international financing, to be in the position to trade freely worldwide, import vital commodities and circumvent sanctions imposed by western countries governments and financial powerhouses.

- What Is the Venezuelan Petro?

In a nutshell, the Venezuelan Petro is a CryptoMoney/cryptocurrency like BitCoin. However, unlike other existing cryto-currencies it is  backed by proven hard assets, that are natural riches of Venezuela particularly crude oil proven reserves - about 301 billion barrels of petrol . One barrel of crude oil backing one Petro. Which means that anyone owning one Venezuelan Petro is buying/owning one barrel of Venezuelan crude oil.

The Venezuelan Petro is not a fiat money like the US-dollar and the Euro minted  by private central banks, and loan to countries against interests payment.

The Petro is a largely government controlled blockchain currency, totally outside the reach of the US Federal Reserve (FED) and Wall Street – and it is based on the value of the world’s key energy, hydrocarbons, of which Venezuela has the globe’s largest proven reserves.[Source]

- The Launching of the Venezuelan Petro Is A Success

The Petro was officially launched on February 20, 2018 and its first public offering, the ‘Pre-sale’ of 38.4 million of the oil-backed “Petro” raised US$ 735 million equivalent which is considered a great success.

On March 2018 5billion US$ were raised. So you see, the Venezuelan Petro is on the path of great success.

Of course western countries media do not agree and advise investors to stay away from the PetroThey do not want the example to be copied by other developing countries endowed with huge natural resources such as African countries.

- CryproMoneys Backed by Natural Resources Would Boost the Developing of Emerging Nations

Venezuelan President Nicolas Maduro said the Petro had strengthened the country's international reserves

With the Petro cryptocurrency in place, the country's productive sector linked to the nation's strategic plan will be able to carry out purchases and sale operations of raw materials through digital assets.

For its part, the U.S. Treasury Department stated the Petro is a currency with characteristics that “appear to be an extension of credit to the Venezuelan government" – a measure forbidden by U.S. sanctions - and that "U.S. persons that deal in the prospective Venezuelan digital currency may be exposed to US' sanctions risk.

Have we read well? An extension of credits to the Venezuelan government? What's wrong with that? Aren't  credit  granted in the existing banking system against collaterals that stand as guarantee? The Petro being backed by hard assets, investors worldwide will continue to grant credit to the Venezuelan Government, purchasing Petro through financial channels not controlled by the FED.

Hopefully, the Petro would continue to rise and strengthen in the firmament of assets based currency, inspiring other natural resources endowed countries to follow suit, to raise finance and boost their economy.

For CrytoCurrency terminology read this.

For more on the Venezuelan Petro read this.

About the management of this Blog: Dr. Bienvenu-Magloire Quenum is the principal/ managing director of Dr. Quenum & Associates, IBC; an experienced Investment & Business Planner with 30 years consulting practice in African countries; author of Africans, Stop Being Poor! and the editor in chief of Africabiz Online

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Many thanks for subscribing to Africabiz. See you here on January 15, 2019

  Dr. B.M. Quenum
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