Venezuela is the country along with the largest oil reserve on this planet, according to data it consists of about 300 billion barrels from the Orinoco belt, these are typically certified reserves, as well the production wells in the western world, Central Plains, Eastern Zone. In your first edition, 5,000 million barrels of oil were determined to support the Petro, while using the emission of 100 million tokens for this cryptocurrency.

Now President Nicols Maduro announced the launch of PetroGold, on this page he will seek to scrutinize what is the nation has accessible to support this new cryptocurrency. Let’s review below.

Likewise, it’s mentioned that a year and a half approximately 7,000 a great deal of gold will likely be certified, which are usually located in the Orinoco mining arch and include the second country in reserves right after the US.

“Each ton is 35,000 ounces also now the ounce is quoted at A dollar,327.95 can easily. That is to say, we are talking about 47 million dollars per ton for today, “said obama of Petroleo de Venezuela (PDVSA). “As we talk about 7,000 tons, a (ratio of) 100 tons 12 months, we are speaking about a potential exploitation as high as 70 years. Definitely the exploitation of gold represents a diversified origin of new currency for those country, “he was quoted saying.

“These reserves is usually immediately monetized, because unlike oil, gold could be part of the monetization which the Venezuelan state could do,” he explained.

On and the second hand, President Hugo Chvez, from 2011, began the repatriation of 160 a lot of monetary gold, which are usually deposited in European and US banks. It had been, the following was reported: “On January 30, 2012, the repatriation from the last batch of 14-tonne monetary gold from foreign banks entered Venezuela, a process that began on November 25, 2011, that measure becomes inside a sovereign manner on the part of the Venezuelan State “. It absolutely was mentioned through the government, “Gold which will never leave the vaults from the Central Bank of Venezuela.”

In this sense, another was mentioned in the year 2011: “it is a measure that, as is also well known, is sovereign on the part of the State, perhaps even then, it can be a way to alleviate and safeguard our reserves and our economy, preventing them from being frozen by governments not friends of Venezuela “, we were looking at the reasons to the repatriation of gold reserves.

As reported on tv, “Between November 25, 2011 and January 30, 2012, 160 heaps of the precious metal, priced at approximately US $ 8,940 million, were repatriated. The country’s monetary gold reserves surpass 360 tons, which represents around US $ 18,000 million. ” This is a very important fact.

In item the above, “Venezuela stands out as the country while using the largest quantity of gold reserves in Latin America, as reported by the latest report of the World Gold Council, in London,” assist the above.

In item what has been described with the immense wealth described above, the fresh new deliveries of gold from small-scale mining are added, as Minister Arreaza mentioned, “he threw 3,007 kilograms in barely three months and ten days, which can mean about 120 million dollars. Consider the 63 reported by way of the Minister of Popular Power for Ecological Mining Development, Jorge Arreaza, throughout the framework of one’s activation from the Mining Engine within the Bolivarian Economic Agenda. ” It can mean new reserves on this metal.

It is mentioned over the communication system on the state, that all this time in 2019 , are actually delivered, 8.5 a great deal of gold, in the Central Bank of Venezuela, in the event you continue also rate, after the year you can easily enter in the vaults from the Central Bank of Venezuela generally 34 lots of gold that could be monetized. You will find a ton is 35,000 ounces along with the price of each ounce is 1 dollar,327.95, you would get a value near to 46,478,250 dollars after 2019 .

Based on the above, Venezuela would have 394 tons of gold in vaults from the Central Bank of Venezuela to prop up the PetroGold immediately, with the endorsement of 18,312,430,500 dollars, it is an appreciable amount which will help to get the economy of the nation with the highest hyperinflation which has ever been seen in Latin America and this for some specialists approximately 30,000 percent.

In this panorama of contradictions it has to be added the National Assembly by using an opposition majority does not accept the growth of a cryptocurrency just like the Petro and has asserted it is “illegal” which the government is mortgaging the oil reserves, now it doesn’t stop here approve the introduction of the PetroGold, it’s an unencouraging scenario for people on foot who wishes to have the basic products to steer a life without haste or jumping, the queues to get into these products are endless and whenever they are available you can’t simply buy them with regard to their high price, or when you’re needing to buy them you cannot find any cash fiat money. The above paints a bleak picture for those richest nation on earth. It is a very real contradiction.

In summary together with the blockchain-bitcoin technology it will be easy that the sovereign states can innovate within the creation of a cryptocurrency which matches the requirements of international standards and displace the standards that disturb the economy belonging to the richest country in reserves of garbage, but that features the largest hyperinflation through the contemporary good the nation, as it is Venezuela. It waits for new announcements.