By Larry White
There has been a fair amount of what I call “internet buzz” on various media sources about an upcoming effort to get a “petro-yuan” oil trading contract going. The reaction to this ranges from a yawn from those who think this wil be a nonevent to those predicting this will herald in the fall of the so called “petro-dollar” world we live in now.
Below are some excerpts from an article in Vanguard that takes a look at the upcoming event.
“In the next four weeks the global international finance system would witness adjustments as the Chinese launch its oil futures contracts in its currency, the Yuan.
The March 26, date fixed by the Chinese authorities would signal a prop up of the Yuan, its use as global currency, and probably put an end to the entrenched practice in paying for crude oil in United States dollar.” click here to read the full article in Vanguard
Added news note: Venezuela announces issuance of its new “petro” cryptocurrency and says it will follow that up with a new “petro-gold” token next week. Not sure what you actually own with either of these new currencies if you buy them which are supposedly backed by oil and gold. Here are the article links:
- CNBC – Venezuelan oil backed cryptocurrency raises $735 million in one day
- Zero Hedge – Petro is Born Today
- Reuters – Venezuela aims to release “Petro-Gold” token
And a thank you to reader Doug below for adding this news link in the comments section below:
“And now Iran is saying they may issue a cryptocurrency to avoid the economic sanctions.”
This article (Petro-Yuan contracts expected to begin on March 26th) was originally published on The View from Our White House and syndicated by The Event Chronicle.