Venezuela earned $ 3.3 billion by selling its cryptocurrency


The Venezuelan government, faced with the aggravation of the financial crisis, will release into the economy $ 1 billion resulting from the sale of Petro for its new cryptocurrency. This was stated by the President of Venezuela, Nicolas Maduro. He added that the purpose of the sale of cryptocurrency tokens were increased international reserves and reserves of foreign cash and the termination of growth of the black market dollar.

Despite the existence in the country’s largest proven deposits of crude oil, the foreign reserves of Venezuela has dropped to $ 9.7 billion in the United States, while this year the country must pay about $ 8 billion.

Sale “Petro” — the new cryptocurrency of Venezuela, which was released in February, brought $ 3.3 billion to the state Treasury. Of these, $ 1.7 billion will be allocated for the import of “foodstuffs, medicines and industrial goods”.

Another $ 1 billion will be transferred to the Central Bank of Venezuela “for the auctions and continue the fight with the devil,” said Maduro, referring to the “black dollar”. In an effort to overcome the chronic shortage of liquidity and burdened US sanctions, Venezuela launched the first cryptocurrency backed by the government, hoping to end the crisis, razbiralsya country. It is worth noting that the US government has made it clear to its citizens and residents that the purchase of “Petro” can badly affect their financial rights and freedom.

Economic problems of Venezuela are due largely to falling oil prices: the share of the sale of oil accounts for about 96% of the country’s income. IMF commends economic collapse of Venezuela as one of the worst in modern history. Giant hyperinflation may lead to higher prices at 13 000%. Will the “Petro” Venezuela? Too early to say, but in dealing with the financial crisis all means are good.

Note also that in the West fear that the emergence of “scriptorama”, supported by the Central Bank of the Russian Federation, will allow Russia to bypass sanctions all the same US. However, given the uncertainties in the regulation of cryptocurrencies in Russia is still too early to talk about the prospect of a second national digital currency.

Venezuela earned $ 3.3 billion by selling its cryptocurrency
Ilya Hel