Will Venezuela be able to solve part of its economic problems by introducing this new cryptocurrency, the petro?

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alan avak

Will Venezuela be able to solve part of its economic problems by introducing this new cryptocurrency, the petro?

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Rajat Singh

no

this would not help in the crisis since the Peto cryptocurrency will only be used in Venezuela, not outside it for trading with other countries. if somehow Venezuela makes its cryptocurrency stable and acceptable worldwide then I am sure it would help.

Venezuela is a good reservoir of petroleum but the cost of extraction is very high there.

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Ann-Marie Thompson

No.

The problem within countries such as Venezuela where corruption blooms and the economy starts to get sidelined.

Fixing corruption and equiping the country with high intelligent and experience economists is the only solution.

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Sathish Kumar

No. Neither the crypto nor the likes of it won’t address the crisis in Veniz at the moment. All it needs the remedial measure from the administrator that could restore the stability in the zooming hyperinflation plagued the state’s economy. Crypto may seem alluring to certain parts of the world but it’s detrimental drug to the crisis-ridden countries and going for such odd tool is total weird!

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Mark Duffy

If we are talking about the introduction of cryptocurrency on a national scale, then this will be useful only for the purpose of getting rid of corruption. The technology of blockchain will change the world, but not now. Now, this is only a good tool for customer service, but no more. For example, modern online casinos (like a playtech reviewuse this to expand the reach of customers and allow the client to simplify the rules for entering the game, since he does not need to enter his personal data, but only the purse number of the cryptocurrency.

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Wael El-Manzalawy

The problem is that the risk is high. Of course, we can’t exclude everything if the risk is high. In other words, if they have pre-prepared plans to deal with the high risks, they will benefit from this currency. If not, the economy will lose.