World News

Maduro to Create Venezuelan Cryptocurrency 'To Overcome the Financial Blockade'

Maduro to Create Venezuelan Cryptocurrency 'To Overcome the Financial Blockade'

Opposition leaders outlined the bolivar, its real currency, is in freefall.

The U.S. had imposed sanctions against PDVSA executives, Venezuelan officials, and the country's debt issuance. In order to find a way out of this and reduce the dependency of country's economic situation on US sanctions, Venezuelan President Nicolas Maduro is looking into the world of cryptocurrencies and virtual digital currencies as a solution to this. Maduro added that the petro would support the nation to advance in areas of financial sovereignty, to move past financial obstructions and to make successful financial transactions. However, opposition leaders in Venezuela aren't convinced it'll solve the country's problems, as they say the petro needs congressional approval, and some have cast doubt on whether it will ever see the light of day, taking into account the country's situation.

Reuters reports that compliance departments are scrutinizing transactions linked to Venezuela, which is in turn slowing down bond payments and thwarting oil exports.

Maduro's pivot away from the US dollar comes after the recent spectacular rise of bitcoin BTC=BTSP, which has been fuelled by signs that the digital currency is slowly gaining traction in the mainstream investment world.

Certain cryptocurrency followers were confused and surprised by the announcement of the Venezuelan leader.

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Moreover, when it comes to framing sound monetary policies, Maduro's government is said to have a very poor track record.

Currency controls and excessive money printing have led to a 57 percent depreciation of the bolivar against the dollar in the last month alone on the widely used black market.

For the millions of Venezuelans plunged into poverty and struggling to eat three meals a day, Maduro's announcement is unlikely to bring any immediate relief. Lawmaker Angel Avedro said that such announcement has "no credibility" and "It's Maduro being a clown".

04 de diciembre de 2017, 16:16Caracas, Dec 4 (Prensa Latina) The Vice President for Communication and Culture, Jorge Rodríguez, expressed his confidence in the possibility of an agreement with the opposition to achieve political, social and economic stability in Venezuela.

According to opposition leaders and economists, Maduro, who was previously a union leader and bus driver, has carelessly refused to alter Venezuela's restrictions and curtail the severe economic meltdown. On Sunday he said Venezuela was facing a financial "world war".


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