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  HOME | Opinion (Click here for more)

Beatrice Rangel: The Venezuela Petro CryptoCurrency's Short Life Span
Former Venezuela Presidential Chief of Staff Beatrice Rangel on Venezuela's latest crackpot idea: the PetroMoneda, a cryptocurrency supposedly backed by oil that is neither crypto, neither currency nor backed by anything except the same government that has brought 2800% inflation and 100,000% devaluation to existing currency the bolivar. How much do you want to buy?

By Beatrice E. Rangel

As Venezuela's President Maduro tries once again yet another gimmick to distract the world from his ongoing policy-made-humanitarian-crisis, he seems to ignore that crypto currencies can become the accusation ledger for his judgment by an international court.

Indeed, Venezuela is about to launch the Petro which, to my mind, is yet another means to perpetuate secret transaction with the world's bad boys club. But that was before I had to attend a tech conference for unaware baby boomers on investment strategies which included how to become a billionaire by using crypto currencies.

And as I understood the lessons, you could perhaps enter into shady transactions using cryptocurrencies in so far as they do not involve blockchain.

Cryptocurrencies are mostly tied to bitcoin and bitcoin to blockchain and that blockchain is the most effective vehicle for transparency. How come? Because blockchain is a non-corruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.

Information held on a blockchain exists as a shared -- and continually reconciled -- database.

The blockchain database isn't stored in any single location. Records kept by blockchain are public and easily verifiable. So anyone including you and me could go through this ledger and learn how much Venezuela spends on lobbyists in Washington to protect their business allies from being reached by U.S. imposed sanctions; which electoral campaigns the Bolivarian regime is financing throughout Latin America; when and where transactions accruing from illicit activities take place. In short, Preet Bharara's case building dream.

Yet another unforeseen hurdle by President Maduro is the fact that the Petro already has competition.

To be sure, in December 2017 a group of very distinguished bankers and US regulators teamed to launch the OilCoin, which is the world's first regulatory compliant cryptocurrency backed by a physical asset: oil reserves.

And while Venezuela reportedly has the largest oil reserves in the world, getting to those reserves entails dealing with a government that upholds policies for about five days when thinking long term.

Suffice it will be to bring to the record the three banking laws published last summer, and all revoked by the currently exiled Attorney General. In short, the Petro like every other Bolivarian gimmick seems to be poised for a very short life.

Beatrice Rangel is President & CEO of the AMLA Consulting Group, which provides growth and partnership opportunities in US and Hispanic markets. AMLA identifies the best potential partner for businesses which are eager to exploit the growing buying power of the US Hispanic market and for US Corporations seeking to find investment partners in Latin America. Previously, she was Chief of Staff for Venezuela President Carlos Andres Perez as well as Chief Strategist for the Cisneros Group of Companies.

For her work throughout Latin America, Rangel has been honored with the Order of Merit of May from Argentina, the Condor of the Andes Order from Bolivia, the Bernardo O'Higgins Order by Chile, the Order of Boyaca from Colombia, and the National Order of Jose Matías Delgado from El Salvador.

You can follow her on twitter @BEPA2009 or contact her directly at BRangel@amlaconsulting.com.

Venezuela's Petromoneda - White Paper El Petro - 2018 (esp) by Latin American Herald Tribune on Scribd

Venezuela - Gaceta Oficial Extra 6346 - Petro CryptoCurrency 8 Dec 2017 by Latin American Herald Tribune on Scribd


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