Economic News

While China chips away at Petrodollar using an oil contract, Venezuela and Russia look towards cryptocurrencies to change the game

By now many in the alternative media know about The Economist’s 1985 prediction that 2018 would be the year to usher in a new global currency, however chances are good that the Rothschild owned magazine didn’t take into account the rise of China, the fall of the Soviet Union, and the emergence of a serious threat to dollar hegemony.

And it appears right now that it will not take long into 2018 before the fireworks begin to go off as China, Venezuela, and Russia are all setting up different platforms to directly attack the Petrodollar here in January.

China: Yuan-denominated oil futures contract

Jan. 18. Multiple rounds of testing have been carried out and all listing requirements met. The State Council, China’s cabinet, was said to have given its approval in December, one of the final regulatory hurdles. The push for oil futures gained impetus in 2017 when China surpassed the U.S. as the world’s biggest crude importer. – Zerohedge

Venezuela:  Oil, gold, and resource backed cryptocurrency to replace the Bolivar

Venezuela’s government plans to launch its own cryptocurrency, backed by the country’s considerable oil assets, as early as this week.  

The country’s government claims that it will launch in days, backed by 5.4 billion barrels of oil, valued at $267 billion. 

According to CNBC, the cryptocurrency will be called the “Petro”. In addition to the backing of the country’s oil, gas industries, it will also be backed by the country’s diamond and gold reserves.  – V3

Russia: Crypto-Ruble to help eliminate any future threat of dollar based economic sanctions

In Russia, officials under President Vladimir V. Putin have floated the idea of a Bitcoin-like crypto ruble. 

“When it comes to state-sensitive types of activities, this instrument suits us very well,” one of Mr. Putin’s aides, Sergei Glazyev, said last month in a conversation about the crypto ruble, according to several Russian news outlets. “We can settle payments with our business partners all over the world regardless of sanctions.” – NY Times

Source: thedailyeconomist.com