PETRO: Free Considerations on the Venezuelan Cryptocurrency

Hi Community Steemit

Today I bring some lines about the Petro initiative and the considerations on the part of some economists experts in this field, a topic that I have been reading through some web portals and social networks, which has not only generated much controversy in Venezuela for and against , but it has brought great expectations in the world of finance. Here the News:

Much has been written regarding this extraordinary monetary alternative by the Venezuelan government as an economic-financial solution to the boycott problem imposed by international agents, such as the dollar Today.

We must start by saying that Petro is an experiment, and, like the creation of any other cryptocurrency anywhere on the planet, is susceptible to risks in a sensitive area, such as the world of finance. However, the economic situation in Venezuela requires strong and bold measures for the recovery of GDP, the development of the productive forces, the reactivation of the national market and, in an indispensable way, the containment of the phenomenon of hyperinflation and the consequent impoverishment of the population in force.

The virtual currency constitutes an alternative for the country, insofar as it becomes an instrument for: the obtaining of international currencies, the creation of a payment system immune to the financial sanctions of the United States and relatively autonomous from the processes of speculation inherent to the Petro-Dollar logic; and the macroeconomic stabilization of the country.

I consider that all the contributions are acceptable, from the considerations in the strictly technical and computer security, as well as the transactional particularities that the takeoff of this instrument implies, the political considerations that imply an alternative of independence to the yoke that has been sustained and systematically the Government of the United States and its allies have been employed in the suffocating financial siege that they have imposed with greater emphasis in the last 2 years on the Venezuelan Government.

Different contributions from psychologists, sociologists, industrialists, businessmen, administrators, accountants, and stop counting, all, absolutely all essential and necessary, even in the field of economics students who independently of the specialization in theory and monetary policy give their contributions in what refers to the economy and its relationship with man and his environment is worth the "economic" redundancy.

Up there, I think the work is done, all considerations are valid, and the spearhead of the Venezuelan government seems to be victorious in the face of the threat of an international agent who has managed to break the Venezuelan government but has not yet put it on knees.

I am not among those who make comments from a political perspective of opposition or in favor of the government, but we must go beyond mere propaganda with the constructive intention of improving what needs to be improved and that what should be contemplated be complemented. this matter, so within the whole order of ideas, it is necessary to assume the philosophical and structural aspect that arises in the field of monetary theory and policy, we have already heard and read for example from the Economists Expert José Gregorio Piña , Juan Carlos Valdez and Tony Boza, to name a few, who published and communicationally stated that:

The Petro is an Exchange Currency
That the VBF (Bolivar Fuerte Value) must be a fraction or representation of the value of this instrument
That Petro does not aim, and in fact is not, to become an instrument to collect or reduce liquidity or monetary currency, this function is contingent only and exclusively to the BCV that in order to collect or reduce liquidity, receives in payment of sale of: Gold, securities, etc., VBF that sterilizes and redeems the liabilities of the Issuing Institute.

The reflections mentioned above are just some of the considerations I bring up because philosophically speaking (theory and monetary policy obeys a set of philosophical axioms, (whoever says otherwise read Marx, Smith, Humme, etc.) should be so clear in the approach and dissemination of the theoretical framework that strengthens this noble tool to defend from birth to its permanence in time.

The importance of this new element of financial engineering is so important that the strongest countries of the city have managed to get out of their comfort zone the very North American Government and its allies by announcing the acceptance and assumption of the Venezuelan cryptocurrency and other means of payment international to break the chains of Bretton Wood.

I highly recommend reading and rereading the economist and businessman José Gregorio Piña, who, with his extensive experience, has been studying the aspect of monetary theory and policy to the end and who is considered an authority in this matter, and well, no it is only to read it to read it, it is necessary to study it, to analyze the concepts and considerations to be able to reach the masses and thus have solid and strong arguments to defend the "PETRO".