Why Venezuela’s New National Cryptocurrency El Petro Will Fail


Washington and legacy media are in a tizzy about Venezuela reportedly thwarting worldwide sanctions by means of a dreaded state-backed cryptocurrency. A more in-depth look reveals a number of obstacles for the Bolivarian Republic: nonexistent reserves, hyperinflation, centralization, and the impossibility of precise redemption. The try will fail, if it’s ever rolled out, including woes to a area stricken by years of financial failure.

Additionally learn: Tezos Swiss Basis Idea is “Previous, Rigid and Silly”

Venezuela’s Desperation Results in Crypto

Rice College’s Francisco Monaldi put it succinctly to International Coverage, “The concept it’s a foreign money backed by reserves is pure fiction. So you’re left with a foreign money issued by a rustic in hyperinflation and in default,” dismissing out of hand the Bolivarian Republic of Venezuela’s try at a state-backed cryptocurrency, the Petromoneda (Petro).

Geographically, Venezuela is the envy of most…



Read full story

1 reply
  1. furtdsolinopv
    furtdsolinopv says:

    I really like your blog.. very nice colors & theme. Did you make this website yourself or did you hire someone to do it for you? Plz reply as I’m looking to create my own blog and would like to find out where u got this from. thank you

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply