Venezuela to Peg Prices and Salaries to National Crypto Currency
August 15, 2018
Nicolas Maduro, current President of Venezuela, told, the country is to adopt innovational system of salaries and prices pegged to the recently created Petro state crypto currency is five days.
“We have the correct vision of what the economic future in Venezuela should be, above all, we will achieve it. [The Petro] will end up being consolidated technologically and financially [and] permeate all the national and international economic activity.”
This being done law violators won't have a chance to try their schemes as the cost of all products will depend on the state-backed digital currency. Maduro added, at the initial stage of establishing new economic system both bolivar and Petro will be circulating in the country.
In addition, Maduro declared holding consulting events across the state with experts of the industry describing all the niceties of the Petro to the citizens of Venezuela.
The President is convinced, in five days the state will witness new history starting, while in two years Venezuela will get completely stable and provide decent lifestyle for everyone and noted, unlike global tradition the country’s economic development will be neither dependent nor parasitic.
Remember that Venezuela is experiencing protracted financial crisis, inflation in June this year makes 146% and the index is predicted to hit 1 million % by December 2018.
Early spring this year the President of the country promised denomination which will cause the national currency losing up to three zeros of nominal value. New bank notes were supposed to come to circulation in June but they didn’t. In its turn in July the government decided to conduct denomination and peg it to the Petro.