Venezuela's New Problem is Keeping Their US Dollar Safe

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Venezuelan President Nicolas Maduro has announced
that they would use their national digital
currency Petro for the sale of Gold and Oil
produce. Maduro noted that their government was
working tirelessly to expand the scope of use for
its digital currency.
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Venezuela's New Problem is Keeping Their US
Dollar Safe
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• Venezuela was already selling its mineral reserve
  including iron ore, and stell against Petro, but
  now they have decided to expand the portfolio to
  gold, oil and a few other assets as well.
  President Mudro in his interaction with the media
  said,
• We will sell Venezuelan oil in exchange for
  Petros. We already sell Venezuelas iron ore and
  steel for Petros. We have already signed
  contracts for the sale of oil, steel, iron and
  aluminium, and we will sell part of the gold for
  Petros."

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• Venezuela launched its national Crypto currency
  back in 2019 amid trade sanctions imposed by the
  US and the depleting value of the national fiat
  bolivar. However, the launch of Petro was not an
  instant success or hit as the Venezuelan digital
  currency was marred into controversy from the
  start.
• First, there was a controversy on the working
  structure and blockchain used for the Petro, then
  analysts from around the world called Petro a
  scam, and an apt network for money
  laundering.Despite all the obstacles, Petro has
  been promoted by the current government as an
  appropriate alternative to their fiat.

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Cryptocurrencies See a Major Adoption in Venezuela

• The Venezuelan government is trying hard to
  extend the use case of the national digital
  currency, but the country has seen a significant
  push for crypto adoption in hindsight. Venezuela
  has recorded enormous trading volumes in Bitcoin
  in the last year.
• The use of Petro might see some drive in 2020,
  given the President is looking to increase the
  scope and use of the national digital currency to
  rebuild the crumbling economy.

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Conclusion

• However, it would be interesting to see whether
  the citizens go for the national digital currency
  or other cryptocurrencies like Bitcoin, Ethereum,
  and many others.

Source
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-problem-is-keeping-their-us-dollar-safe
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