Edwin Romero was inaugurated as Venezuela’s 61st president.
The Romero government held an inauguration ceremony on the second day of the election, considering it was a national emergency, and went ahead with an organizational reorganization the very next day.
It was speeding up the administration of state affairs more than any previous government.
“The inside of the garden is very well decorated.”
It is a garden that is excessively splendid, but somehow looks empty.
If you follow the road here, you will come to the Presidential Palace, which is called the heart of Venezuela.
“All the statues are magnificent… … From here on, the entire road is made of marble.”
Throughout the walk in the garden, Park Tae-shik talked nonstop.
I, who was walking ahead, stopped for a moment and looked back at him.
“You don’t have to be nervous. I will do all of this negotiation. You’re only going to get your face stamped.”
“Who, who said you were nervous?”
“You talk a lot when you’re nervous.”
Park Tae-sik hurriedly changes the subject, perhaps because his true intentions were revealed.
“By the way, this president has done everything from the election to the inauguration ceremony.”
“They have a reason to be fast.”
“Well, seeing the country, I felt I had to do something quickly. Even in the capital, Caracas, there are many people rummaging through trash cans.”
“The expectations of the people who have gathered to the extent of being excessive must be more burdensome than that. The government has changed in 20 years, but how will people accept it if life remains the same?”
“Are you going to be disappointed?”
“It will not just end in disappointment, but will rise up in anger. The bigger the expectations, the bigger the disappointment.”
If the situation gets to that point, Maduro’s remnants will come out to take power again. Or the military could stage a coup.
“President Romero will try to achieve tangible results as soon as possible. uh? this… … Is it a situation that is very advantageous on our side?”
“More than that. Even if we unilaterally try to peel it off, we won’t be able to move.”
“Oh my.”
“Of course, if you act too blatantly, the other side won’t stand still, so it’s better to keep a reasonable line.”
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After talking and walking, I arrived at the front gate of the Presidential Palace before I knew it.
An employee waiting in advance opens the large wooden door on both sides and lets us in.
kiik-
Edwin sits at a table in the center of the presidential palace.
And on both sides, about a hundred bureaucrats lined up like a siege, glaring at us.
“People… … Isn’t that too much?”
It is a breathless atmosphere.
Seeing Park Tae-sik hesitating at the entrance, I patted him on the back.
“don’t mind. I’m doing this on purpose to overpower the steamer.”
“How can you not pay attention when you see this?”
“The subject of negotiations is Edwin. Think of the rest as a background, like trees or grass.”
I strode in first. In line with that, about a beat late, Edwin comes out to greet us.
“CEO Shin, you must be busy, but thank you for coming.”
“you’re welcome.”
“You are also welcome. Your name… … ?”
“I’m Park Tae-shik.”
We shook hands alternately and resumed our conversation.
“President, but the welcoming ceremony seems excessive.”
“Please understand that we are serious about the negotiations today.”
Afterwards, Edwin brings out the last thank you again, praises me, and then gets right to the point.
“As the CEO knows, we have only taken over the government, and there are a lot of problems that need to be addressed.”
“It seemed so.”
“The most pressing problem there is repeated inflation.”
A sea I agree with. Venezuela had no future if it did not control inflation.
“For inflation to stop, foreign currency must be constantly coming in. So, when does the oil plant go into operation? From what I’ve heard, they say you’ve already finished your preparations.”
“I also want to start a business quickly, but the US sanctions must be lifted for the business to come over in earnest.”
“At least the inauguration of President Trump should pass.”
When I nodded, Edwin wrinkled his brow slightly before changing the subject.
“Venezuela needs an immediate foreign currency supply.”
“It sounds like you need our cryptocurrency.”
“That’s right.”
“How much do you need?”
Edwin shows three fingers without hesitation.
“I need 30 million Acorn Coins.”
In terms of that, that’s about $3 billion. The amount exceeded my expectations, so I tilted my head slightly.
“I would also like to hear the repayment terms.”
“I will handle it entirely with Venezuelan government bonds. In addition to this, exemption from oil sales tax for the next 20 years, and 20 years of mining rights for the eight designated mines are also conditions.”
Twenty years of tax exemption and guaranteed mining rights are quite unconventional proposals. In effect, it meant paying interest in future taxes in advance.
But I was not so merciful as this.
“Thank you for the proposal, but I will be satisfied with the oil extraction business priority.”
Edwin looks visibly embarrassed. If you spread it this much, you must have known that he would accept it unconditionally.
“It’s been 20 years. Do you know how much it would be if we exempted from crude oil tax for 20 years?”
“Whether it’s 20 years or 30 years, isn’t everything solved with money anyway? The same goes for mining rights.”
“then… … .”
“I want what money can’t get.”
Edwin, as well as hundreds of eyes watching us, urge us to answer.
“How about the condition that all sales of crude oil to be produced in Venezuela in the future be paid only with acorn coins? A period of about three years would be good.”
“Only with virtual currency?”
“yes. If that is the case, we may give you more cryptocurrency.”
At this time, someone stuck among the bureaucrats pops out.
“That is impossible!”
It was Simon Romero, Edwin’s brother.
“Are you saying you know what it means to trade crude oil with cryptocurrency?”
“Of course I know. That’s why I put up billions of dollars worth of acorn coins as the money sold.”
He looks straight at me and then speaks softly.
“Again, that condition is absolutely unacceptable.”
“I can handle the things you are concerned about.”
“It’s not just a matter of that. What would happen if we signed a 3-year contract and a virtual currency accident broke out?”
“Exactly what kind of accident are you talking about?”
“The currency value may plummet, or there may be problems with the transaction itself due to hacking or security issues… … .”
I deliberately burst into laughter before he finished his sentence. Naturally, the atmosphere in the hall became cold as ice.
“Oh, sorry. I couldn’t help but smile.”
“what do you mean?”
“Just now, I thought it was ironic that Mr. Romero was concerned about the insolvency of Acorn Coin.”
He asks for a detailed explanation with intense eyes.
“I will speak plainly. Isn’t it contradictory for someone who is concerned about the insolvency of Acorn Coin to leave Venezuela’s national debt to someone else?”
“Venezuela’s credit rating is said to be low, but it is not comparable to virtual currencies that have no substance.”
“well. If Venezuela’s government bonds were superior to Acorn Coin, wouldn’t they have already raised foreign currency by printing government bonds?”
Simon muttered, but could not come up with an answer.
It had to be. This is because Venezuela’s government bonds have already surpassed the level of junk bonds (high-risk bonds with low credit ratings) in the market and have been regarded as pieces of paperwork.
“President.”
Edwin, who had been called out, nodded his head as if to say something.
“Investing in Venezuela is already a high risk for a company. Is it unreasonable to ask the Venezuelan government to accompany me as I am taking the risk?”
“You can’t run a country like a business! and… … .”
Simon’s attempt to intervene is interrupted by Edwin.
“Every phrase is correct.”
“older brother!”
“Be quiet. He is the benefactor of Venezuela. Are you supposed to scream at a plate that is not enough even if you are treated with courtesy?”
“… … .”
Edwin overpowers Simon lightly and turns his gaze back to me.
“We are already like-minded comrades. So it is right to share the risks as well as the faults.”
Starting with Simon, he looks back at all the bureaucrats in the room and continues talking.
“I, Edwin Romero, by the authority of the President of Venezuela, accept all your terms.”
* * *
-Venezuela presidential election, Edwin Romero elected! Democratic regime change achieved in 20 years.
-Edwin Romero “The first priority is the stability of people’s lives. We will address prices and inflation first.”
-WHTS Company bought $3 billion of Venezuelan government bonds. All crude oil produced in Venezuela over the next three years can only be traded in Acorn Coins.
With the change of government in Venezuela, the virtual currency industry has faced a major storm in a long time.
Aside from other news, the news that crude oil can be traded only with virtual currency made the entire industry excited.
As a result, an emergency meeting was convened on this agenda, not only from the virtual currency investment community, but also from institutional investors and even the US Federal Reserve Board.
“Trading crude oil with cryptocurrency. Where in the world is this happening?”
Even on the Fed’s board of directors, President Robert Fisher, who is considered a representative hardliner, raises his voice.
As soon as he opens up the water, the other presidents also help out by saying a word.
“I was also surprised when I read the article. cryptocurrency? Did you say the correct name was Acorn?”
“What is the alternative cryptocurrency?”
“It is an item with enhanced security for cyber money. They said that there is an exchange where you can buy and sell.”
“What kind of deal would you make with a piece of data? tsk tsk… … .”
It was only a year ago that cryptocurrency became known to major markets. So, even at the US Federal Reserve, very few people understood the concept of virtual currency.
Afterwards, as the concept of virtual currency continues to be discussed, Fisher slams the desk.
“Everyone, it doesn’t matter what cryptocurrency is right now. The point is, that piece of data is used to trade crude oil!”
Until now, the currency used to trade crude oil was the dollar.
The belief that crude oil can be bought with the dollar has maintained the status of the dollar as a reserve currency even after the abolition of the gold standard.
Print the dollar, print it, print it again.
Even if you spray dollars into the market almost unlimitedly, the value of the dollar won’t budge.
As a result, the United States was reaping huge benefits.
“This cryptocurrency crisis is a challenge to the dollar, and it is a challenge to the great United States. We have a duty to punish them so that they don’t think nonsense.”
The Fed’s board, which is normally fiercely divided, voted unanimously for Fisher this time.
Then, belatedly, someone raises their hand.
“Wait. Fisher, now is a bad time.”
“Why?”
“President Obama has already drawn the line that he will not intervene in state affairs. If that’s the case, then you have to work with the successor, President Trump… … .”
He sighed lightly and continued talking.
“Coincidentally, the key figure in this incident, the CEO of WHTS Company, is Trump’s closest aide.”
It was shocking news. In an instant, the market becomes noisy like a market floor.
Thanks to this, Fischer had to hit the desk again.
“quiet! Whoever the opponent is, nothing changes. If I can tell you the seriousness of this situation, I believe that President Trump will also respond with common sense.”