It would be the bet for the neighboring country to seek more than US $ 2.3 billion of international financing only in this first stage.
Venezuela's inflation was over 84% in January 2018 alone.
With inflation of more than 84% only in January 2018 (more than 2,600% in 2017), forecasts of a reduction of the Gross Domestic Product of 4.2% for this year (according to the World Bank), and a growing crisis humanitarian situation that has resulted in tens of thousands of refugees, Venezuela is about to make another attempt to improve its difficult economic situation. This Tuesday begins the pre-sale of Petro, the cryptocurrency issued by the Venezuelan Government, with which it expects to increase its external financing.
The government will launch the currency in the framework of heavy sanctions by the United States for its measures that they consider are against Venezuelan democracy, and a great uncertainty about the sovereign debt that has led to several breaches (such as the past December 8) payment. Therefore, the administration of President Nicolás Maduro takes this cryptocurrency as a tactic to avoid the situation that prevents international financing, and avoids the serious inflationary and exchange rate problems that Bolívar has.
In theory, Petro is not a genuine cryptocurrency because it lacks the main characteristic by which these assets were born: decentralization and independence. The Venezuelan government will issue 82.4 million units, and set its price at US $ 60 based on the current price of a barrel of oil. So not only is it a title whose offer within the market is determined by an Issuer (the Venezuelan government) but its value will depend on another asset, oil that has been highlighted by its volatility in the last three years. In addition, a special state entity will be created to regulate Petro.
