Venezuela's New Problem is Keeping Their US Dollar Safe

1
Crypto world at your finger tips!
www.cryptoknowmics.com
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.
3
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, 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
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
Source https//www.cryptoknowmics.com/news/ve
nezuelas-new-problem-is-keeping-their-us-dollar-sa
fe
www.cryptoknowmics.com
6
Crypto news and articles
Exchange wallet listing
Market price analysis
Crypto discussion forum
ICO listing and rating
Crypto jobs marketplace
Features
Tokens and coin listing
Airdrop and event listing
DApp listing review
ICO Launchpad
Crypto gaming platform
Blockchain tutorials and courses
www.cryptoknowmics.com
7
For any further queries or clarifications please
contact at
- listing_at_cryptoknowmics.com - info_at_cryptoknowmics
.com
- www.cryptoknowmics.com - www.cryptoknowmics.io
www.cryptoknowmics.com