Recently Venezuela has experienced rampant hyper inflation. Over the coming year, estimates from the country suggest that inflation may extend over 13000% which is more than enough to ruin an entire countries economy. This inflation has been caused by the government's very loose monetary policy in regards to printing money. As the government in Venezuela tries to print money to pay their debts, they are only ruining the value of their currency.
In response, they have announced that they will be switching to a new cryptocurrency, the Petro. This currency will be backed by many of the natural resources that Venezuela has in reserves and will be about $60 a token. This will be the first time a government sponsored currency will be a crypto.
What do you think about this new crypto currency and how effective do you think it will be at righting a sinking economic ship down in Venezuela?