Tuesday, 22 May, 2018

Kellogg's exits Venezuela over social and economic 'deterioration'

Kellogg's exits Venezuela over social and economic 'deterioration' Kellogg latest US brand to ditch crisis-wracked Venezuela
Deanna Wagner | 17 May, 2018, 04:49

In March, Trump signed an executive order banning Americans from any dealings with the petro. Oliver illustrates how the country has been led astray by its leadership, from the shortsighted government of the late Hugo Chávez to the outright corruption and catastrophic food shortages seen under Chávez's hand-picked successor Nicolás Maduro, an aspiring authoritarian who would rather obfuscate the truth, play the blame game, or outright change his government's rules to protect his power than fix Venezuela's problems.

According to the Associated Press, after it inquired Evrofinance on its association with the Petro, all references to it were removed from the Petro's wallet, which left interested buyers with no guidance on how to proceed.

It has become more than apparent that the issuance of Venezuela's Petro cryptocurrency will not go off without a hitch. These numbers, as shown, don't add up. Even offshore trading platforms like Bitfinex are refusing to deal in the petro for fear of violating sanctions. Considering that this form of money is primarily created to bypass existing sanctions imposed upon Venezuela by the US, America wants to make sure this new cryptocurrency has no chance of succeeding.

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Experts say that the petro is of little interest to foreigners other than drug traffickers and others active in Venezuela's burgeoning criminal underworld.

The two sanctioned Russian companies participating in the Petro buying and selling are Zeus Exchange and Aerotrading.

Despite its status, Maduro keeps moving the Petro forward. The United States was quick to prohibit the use of this new currency. As covered, he offered the Indian government a 30% discount on crude oil, if it paid in Petro. The country is also battling sanctions, and is working toward developing a sovereign cryptocurrency. Venezuela's moves were even slammed by Bitcoin.com CEO Roger Ver. Nevertheless, he dismissed the idea that it could be used to fund criminals. "The most popular currency for terrorists and criminals the world over is the USA dollar, not crypto, and nobody is suggesting we ban dollars".