Published: Wed, December 06, 2017
Global News | By Stacy Ballard

Venezuela to launch cryptocurrency to fight Trump sanctions

Venezuela to launch cryptocurrency to fight Trump sanctions

Maduro said the petro will be backed by Venezuela's gold, oil, gas and diamond reserves, which the government hopes will allow it to combat sanctions and high national inflation rates.

The announcement throws light on how the sanctions implemented by President Trump in 2017 have hurt Venezuela's ability to transact money via global banks. The real currency, the bolivar, is in freefall, and the country is sorely lacking in basic needs like food and medicine.

Maduro blames those problems on sanctions imposed by the United States in August, barring American citizens and companies from buying any new Venezuelan government or PDVSA bonds. Rich supplies of resources provide some initial credibility to the proposal, but President Maduro's questionable track record when it comes to monetary policy is making many sceptical about the proposal. The currency has lost 96% of its value this year.

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Avowed Marxist and member of the constituent assembly Jesus Faria has called for changes to monetary policy that would lead to free worldwide exchange. As of Tuesday, it took 103,000 Bolivars to buy a U.S. dollar. That has dragged down the monthly minimum wage to a mere $4.30 (3.2 pounds).

There is very little chance that Maduro's announcement will bring any sort of relief in the short run as several million Venezuelans are now struggling with poverty and can not even afford to eat three meals in a day.

"It's Maduro being a clown".

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Their allegations are baseless. "Misusing the official government machinery is actually part of the SP, BSP and Congress culture. The three parties are indulging in this propaganda to hide their disappointment following the electoral losses", he added.


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.

"I see no future in this", added fellow opposition legislator Jose Guerra. On Sunday he said Venezuela was facing a financial "world war".

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The investigation is active and ongoing. "I know who he is but I don't know his name", says neighbour Oscar Romas to CBSLA . The kitten, who suffered a fractured leg , is in good condition and recovering at the Inland Valley Humane Society.


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