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Venezuelan Merchants Call Petro a Scam
Summary: Venezuelan merchants abandoned the Petro after trying to liquidate their holdings at the bank and receiving devalued amounts, according to Venezuelan newspaper Tal Cual. The country’s central bank used the Petro rate at the time of purchase, but the Bolivar lost close to 99% of its value in 2019. Because of massive hyperinflation, merchants receiving Petros ...
Venezuelan merchants abandoned the Petro after trying to liquidate their holdings at the bank and receiving devalued amounts, according to Venezuelan newspaper Tal Cual. The country’s central bank used the Petro rate at the time of purchase, but the Bolivar lost close to 99% of its value in 2019. Because of massive hyperinflation, merchants receiving Petros are unable to restock their inventories and are calling the payment system a scam.
The Maduro administration introduced the "price police" in order to enforce price controls across the country. Since Petro's introduction, the Maduro administration has tried to push the agenda with very little success; Maduro ordered airlines in Caracas to buy aviation fuel with Petros and tried to incorporate the cryptocurrency with foreign trade deals like Russia and India.
By Claudia Rivera
Tags: Bolivar,Maduro,Petro,Scam,Venezuela
Link: Venezuelan Merchants Call Petro a Scam [Copy]
