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Venezuela's New Problem is Keeping Their US Dollar Safe

Venezuela's hyperinflation and the continuous declining value of its national currency bolivar have made many in the country turn to foreign currency,

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Venezuela's New Problem is Keeping Their US Dollar Safe

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  2. 2 Cryptoknowmics is an innovative decentralized platform that serves almost every aspect of the crypto space. It aims to be the top destination and the largest media portal in the crypto world and the all-in-one solution for information and services for the industry. www.cryptoknowmics.com

  3. Venezuela's New Problem is Keeping Their US Dollar Safe 3 Venezuela's hyperinflation and the continuous declining value of its national currency bolivar have made many in the country turn to foreign currency, especially US Dollar. The only problem is Venezuelan banks do not provide foreign currency accounts, which force Venezuelans to store the US Dollar in their homes. A country which is reeling from poverty, government corruption and lack of resources, storing international currency physically at home give rise to the imminent threat of robbery and home invasions, reported Bloomberg. The national fiat Bolivar has shed 99% of its value against the US Dollar in 2019 alone, and at present, one US Dollar can get 60,000 Bolivars in the black market. The hyperinflation in the country has gone from bad to worse over the years, and as a result, a local businessman finds it difficult to deal in Bolivars. The declining value of the national fiat is so adverse that anyone getting paid in the currency first tries to get rid of it as the value is on a free fall. www.cryptoknowmics.com

  4. Venezuela in Need of Digital Currency 3 The state government launched a digital currency called Petro in November 2018 amid threats of trade sanctions and declining value of Bolivar. The national digital currency was said to be backed by the oil and gold reserves; however, Petro ran into controversy right from the launch. Many analysts predicted that Petro is flawed and built in a hurry and can prove to be a money-laundering machine. As a result, the US government put sanctions on digital currency as well. Although the prime minister of Venezuela has been trying to promote the use of Petro in the country, the response has not been very optimistic. Recently, the prime minister Mudro announced that Petro can be now used for buying and selling oil and gold in the country. Despite many attempts by the government, the citizens have shown that they would prefer decentralized currency like Bitcoin over state-issued Petro. www.cryptoknowmics.com

  5. 3 • Source • https://www.cryptoknowmics.com/news/venezuelas-new-problem-is-keeping-their-us-dollar-safe www.cryptoknowmics.com

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