Economy and Development

The Message of the Petro: Venezuela’s Crypto-currency Effort

November 15, 2018

Venezuela’s prolonged economic crisis has not slowed down. The International Monetary Fund projects an 1,000,000% inflation rate by the end of 2018 (Ellsworth). The country’s paper currency, the bolívar, has become nearly worthless while the government scrambles to implement different monetary reforms to ease inflation and reboot the economy. Despite the government’s attempts, Venezuelans have taken matters into their own hands, turning to the black market, exchanging goods and services, or using the U.S. dollar for functionality.

Pages

Subscribe to Economy and Development