Venezuela crisis: Petro cryptocurrency ‘making things WORSE’ as economy faces COLLAPSE

Saturday, August 25, 2018
By Paul Martin

VENEZUELA’S deepening economic crisis will not be solved by the Petro cryptocurrency and introducing the digital token has only made a desperate situation even worse, an expert has warned.

By HARVEY GAVIN
Express.co.uk
Sat, Aug 25, 2018

President Nicolas Maduro brought in the Petro as Venezuela’s second unit of currency this week in a bid to curb crippling hyperinflation and skirt US sanctions.

But the cryptocurrency is nothing more than a “smoke and mirrors” scheme by the debt-ridden government and its introduction has already failed in its main aims, Lianna Brinded said.

The Head of Finance at Yahoo Finance told Express.co.uk the unprecedented introduction of a government-backed cryptocurrency is actually making Venezuela’s problems worse.

And she warned the Petro is most likely a scam because the country’s government controls ‘production’ of the virtual currency and the tokens cannot be traded.

Ms Brinded said: “The Petro cryptocurrency isn’t working. It’s made thing worse.

“It’s a smoke and mirrors operation. They are trying to cure their economic ills but this is not the way to go.

“All the Petro is doing is making a bad situation absolutely horrific.

“There are ways to escape hyperinflation but the Petro isn’t the way. There is absolutely no way this will work.”

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