The introduction of cryptocurrencies will not save the Venezuelan economy from collapse – expert

Введение криптовалюты не спасет экономику Венесуэлы от коллапса – эксперт

Introduction Caracas national cryptocurrencies “Petro” can not take the Venezuelan economy from a deep crisis.

This opinion was expressed by European analyst Janis Papadakis in comments to the correspondent of ГолосUA.

As the expert stressed, in order to “Petro” became a full-fledged medium of exchange, it must be guaranteed by gold reserves or national resources. “Gold reserves of the Latin American country remains extremely small, and the only national wealth – oil – can not actively exported and make a profit because of massive international sanctions, – said Y. Papadakis. – There is no doubt that this crypto currency will depreciate in the first weeks of walking”. According to the analyst, the only way out of this situation can only be direct foreign investment in the Venezuelan economy, however, at present, any active investment in the industry of Venezuela is impossible because of the embargo from the USA and several European countries.

Recall, Caracas officially issued “Petro” from October 1 this year. Cryptocurrency will be used as a means of international payments. For the past four years, Venezuela is experiencing an economic crisis, accompanied by hyperinflation and total impoverishment of the population.

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