Venezuela has been experiencing a great economic crisis for a long time and can not find a way out. While there is no solution to the economic sanctions imposed by the US leadership, Venezuelan currency collapses due to economic crisis and crypto money continues to gain value in Venezuela in the opposite direction. Recognizing this, President Nicolas Maduro announced that they are prepared to withdraw national crypt money in order to overcome financial sanctions and provide economic recovery.

Maduro, who organized a television program on Sunday last night, did not share a great detail on how the system would work “21. century has come now, “he expressed his hope for the future. The Venezuelan crypto money, which is planned to be named Petro, will be supported by oil, gold, gas and diamond reserves.

Nicolas Maduro says that Petro will help Venezuela “advance in monetary sovereignty, realize financial transactions and come up from economic sanctions”.

The opposition scoffed at Maduro’s rhetoric, saying that the congress had to be approved for the transition to crypto-currencies and that a section of the congress was not sure whether crypto-money was the way to salvation.

Maduro, unable to support the opposition for the time being, succeeded in attracting a group of citizens who were bitcoin mining to be least affected by the economic crisis, but the opposition continues to say “not sustainable”. The reason for this is the failure of Maduro, an old bus driver, in the monetary policies and the failure to accept it. Now that the crisis has reached such a large size, the minimum monthly wage is reduced to 4.30 dollars.

Can you really hope that crypto money is a hope? In an interview with CNBC, investor James Altucher stated that the economy of Argentina or Venezuela will soon collapse completely, and that the price of bitcoin in these countries will go up to $ 50,000. Perhaps crypto money investments could really be the exit door for these countries.

With a truly decentralized system, it can attract investments from all corners of the globe, and it can gather support to defend against the plan.


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