RATE Group | Venezuela’s Oil-Backed Cryptocurrency Is Giving Blockchain A Bad Name
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Venezuela’s Oil-Backed Cryptocurrency Is Giving Blockchain A Bad Name

24 Aug Venezuela’s Oil-Backed Cryptocurrency Is Giving Blockchain A Bad Name

Posted at 15:47h in Cryptocurrency News by

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by

Victor Tangermann

August 24, 2018


Sci-Fi Visions


Venezuelans are faced with a terrible choice:

  1. Continue making purchases using the country’s almost-worthless local currency, the bolivar.
  2. Go to the black market and buy U.S. dollars.
  3. Flee the country.

It got this way because the country’s leader, Nicolás Maduro, made some pretty terrible economic decisions. For one thing, he put all of Venezuela’s (economic) eggs in one notoriously bumpy basket: oil. The country’s always had a lot of it, but for a long time, it was just one of many resources the country exported, along with heavy industry products (steel, aluminum, cement) and agricultural products like rice and corn. By 2017, though, oil had taken over, accounting for 98 percent of the country’s export revenue. And when the price of oil took a…

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