In the past week, Venezuelan President Maduro announced a currency change, which is to relieve the Bolivar and the Petro-upgrade. In the run-up to the entry into force of the Bolivar plunges further into the basement, while the uncertainty within the economy increases. The failure of the Reform of the monetary policy in Venezuela already?
Like BTC-ECHO on 17. August, reported that announced Nicolas Maduro, the role of the Petro within the Venezuelan economy upgrade. The crypto-currency should have the rank of an official currency and an official unit of account. This should be fixed to the price of Oil coupled. Also, the Bolivar, he wants to modernize by five zeros on the notes and the name of Bolivar, soberano (sovereign Bolivar) new issues.
In the run-up to the currency changeover now exact Figures have been announced. The minimum monthly wage for all Venezuelans is set to 0.5, Petro. This results in a solid brand, with of the population can calculate apparent for the first Time in months. There’s a Petro corresponds to the price of a Barrel of Oil is currently traded for 60 US-dollars, increases in the minimum wage so to just under 30 US dollars.
Appreciation of the Petros also binds to the Bolivar to the price of Oil
At the same time, the new Bolivar, soberano is tied to the Petro. As a Petro to cost 3.600 Bolivar, soberano (de facto 360 million old bolivars). Thanks to the Oil prices, as the Petros, the exchange rate of the Bolivar to the U.S. is thus fixed to the Dollar, and thus amounts to 600:1. According to Venezuela adjusts the official exchange rate was previously at 248.832 Bolivar per US Dollar, in the meanwhile, the real traded value.
In order for a crypto currency for the first Time to the relevant reference size of an economy as a whole. Binding to the price of a Barrel of Oil to prevent a high fluctuation of the currency. The newly issued Bolivar, soberano exists, however, in the future, only in dependence on the Petro. Basically, this is a step to tie the country’s currency, via a detour to the price of Oil and to get the Hyperinflation in the handle.
Bolivar crashes more
The weekend before the announced currency changeover, the price of the Bolivar fell. So, the real exchange rate for a US Dollar measured in Bitcoin – at 17. August 6.7 million bolivars, a day later, he had risen to 9.2 million Bolivar. Or better said: dropped. About the window-dressing of the Maduro government can not hide that would like to suggest the removal of five zeros back to normal.
Also, you should not confuse the appreciation of the Petros with a step in the direction of the crypto-adaptation. The fixing of exchange rates, Oil, Petro, and Petro to Bolivar in the first line of the function to link the price of Bolivars to the price of Oil. The “crypto-currency” is thus more a means to an end than a serious attempt at a sustainable crypto-Economy.