Venezuela earned 3.3 billion dollars on selling its own crypto currency

The government of Venezuela, faced with an aggravation of the financial crisis, will release $ 1 billion to the economy, received as a result of the sale of Petro, its new crypto currency. This was stated by the President of Venezuela, Nicholas Maduro. He added that the purpose of selling crypto tokens was to strengthen the country's international reserves and foreign cash reserves, as well as to stop the growth of the black dollar market.

Despite the existence of the world's largest explored deposits of crude oil, Venezuelan foreign reserves declined to $ 9.7 billion in the US, while this year the country should pay about $ 8 billion.

The sales of Petro, a new Venezuela's crypto currency, which was released in February, brought $ 3.3 billion to the state treasury. Of these, $ 1.7 billion will be allocated for the import of "food, medicine and manufactured goods."

Another $ 1 billion will be transferred to the central bank of Venezuela "for currency auctions and the continuation of the fight against the devil," Maduro said, referring to the "black dollar". In an effort to overcome the chronic shortage of liquidity and burdened by US sanctions, Venezuela launched the first government-supported crypto currency, in the hope of putting an end to the crisis that is tearing the country apart. It should be noted that the US government made it clear to its citizens and residents that the purchase of "petro" could deplorably affect their financial rights and freedom.

Venezuela's economic problems are largely related to the fall in oil prices: oil sales account for about 96% of the country's income. The IMF estimates the economic collapse of Venezuela as one of the worst in modern history. Giant hyperinflation can lead to an increase in prices by 13,000%. Will Petro help Venezuela? It's too early to say, but in the fight against the financial crisis, all means are good.

We should also note that in the west they fear that the appearance of a "cryptoruble" supported by the Central Bank of the Russian Federation will allow Russia to circumvent the sanctions of the same US. However, against the background of uncertainties in the regulation of crypto-currency in Russia it is too early to talk about the prospects for the emergence of the second national - already digital - currency.

The article is based on materials https://hi-news.ru/business-analitics/venesuela-zarabotala-33-milliarda-dollarov-na-prodazhe-sobstvennoj-kriptovalyuty.html.