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FAREWELL U.S DOLLAR – THE RISE OF THE PETRO CRYPTOCURRENCY: Air Europa & Venezuela Sign Investment Agreements

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The Venezuelan government says it has signed a tourism development agreements with Air Europa. The transactions will be backed by Petro, the crypto-currency of the Latin American country.

“Air Europa and the Venezuelan Government have agreed that all operations covering these investment, trade and tourism operations will be backed by petroleum,” said Deputy Economy Minister Tarek El Aissami.

The government official made statements to the press at the ministry’s headquarters, but did not give details of the agreements signed. He also did not indicate the position of the director of Air Europa, Jose Luis Alvarez, who was present at the meeting, on the debt of Venezuela with Globalia (head office of the European airline), which in May already totaled $200 million.

Venezuelan deputy minister said that as of October 29, people will be able to buy Petros using other digital coins (Bitcoin or Ethereum) through a website, and noted that physical boxes will be operational from that day onward at the Crypto-center of Caracas.

This comes as a wider process for the state to circumnavigate sanctions and other forms of economic aggression led by the United States.

“The idea is that this will bring capital goods to the country, in other words, machinery, technology that allows local production of more things possible,” said economist Vladimir Adrianza.

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The economist at the Central University of Venezuela said that the measure is an alternative instrument for the country to pursue other paths that are not dependent on the dollar.

Venezuelan leader Nicolás Maduro announced on the 1st of October the opening of the crypto-currency blockchain at the beginning of the international operations of Petro as an international currency.

“We are activating Venezuela’s comprehensive national cryptocurrency plan, which has a 10-year perspective on its development and that will enable our cryptocurrency to develop and occupy a very important space in what will be a commercial and monetary development of our country, our region and the rest of the world,” said the president.

According to the professor, this new monetary stage will allow the Latin American country to overcome the difficulties of trade and commerce, as it is a “currency that can not be blocked”, and soon it will be for sale in bolivars.

Venezuelans will be able to carry out international transactions through the established conversion scheme, which will ultimately help the country’s economic situation. It is worth mentioning that Petro, backed by oil reserves, will also be supported by gold, diamonds, iron and aluminum, recalls Adrianza.

The Petro was announced in late 2017 as Fort Russ News covered then, as a government plan to circumvent US-imposed sanctions on Venezuela’s main oil industry.

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