Venezuelan President Announces 'Petro', Plans To Uplift Country's Economy

Venezuela is choosing cryptocurrency over the U.S. dollar

After details about the cryptocurrency first surfaced over the weekend, Maduro said the petro would help Venezuela "advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade". He said that Venezuela will develop a cryptocurrency that is backed by gas, diamond reserves, gold, and oil. It is an attempt to cope with a failing national economy and circumvent US sanctions.

Venezuela's real currency - the bolivar - is in freefall, with inflation running at 4,000% and the country running out of basic food and medicine.

Maduro blames his country's economic woes on a conspiracy to overthrow him combined with USA economic sanctions, but he intends for a new petrocurrency to overcome those sanctions.

President Donald Trump declared Maduro's government a dictatorship when he announced financial sanctions against it in August.

Maduro announced the new cryptocurrency known as "petro" on his weekly national TV program Sundays with Maduro. Hitherto cryptocurrencies have not been backed by any government or central bank.

Royal Bank of Scotland and Natwest county branches will remain open
However, union Unite described the move as a "betrayal" and ripped into the Government for allowing the closures to proceed. Unite national officer Rob MacGregor said: "The Royal Bank of Scotland has chose to decimate its bank branch network".

Hyperinflation has eroded the Venezuelan bolivia's value by 97% this year, making imports incredibly expensive and causing many to abandon trust in the currency.

The government's poor policies forced millions of Venezuelans to struggle for survival, as three meals a day aren't a given. As of Tuesday, it took 103,000 Bolivars to buy a United States dollar.

"It's Maduro being a clown. This has no credibility", said opposition lawmaker and economist Angel Alvarado.

"I see no future in this", added fellow opposition legislator Jose Guerra. The decision was taken after Caracas November 12, missed the deadline for the payment of $ 200 million for two long-term loans, and Vice-President of Venezuela, Tarek El-Issam at the meeting with worldwide lenders have not offered any way out of financial difficulties.

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