Why Venezuela Entered on Crypto Money Market?

Following the death of Hugo Chávez, Nicolas Maduro's handling of power led to Venezuela's biggest economic crisis in history. The crisis in Venezuela, whose economy is based on oil revenues, was the end result of falling oil prices in the global market.

The Organization of Petroleum Exporters Countries (OPEC) was established in 1960 by five countries: Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. When OPEC was established, Venezuela was the leader with 2.8 million barrels of oil production per day in these five. Currently, Kuwait produces 2.7 million a day, Iran 3.8 million, Iraq 4.5 million, and Saudi Arabia 10 million barrels of oil. Venezuela's production has fallen to 2 million a day. However, Venezuela has the world's largest proven oil reserves with 300 billion barrels (the second is Saudi Arabia with 267 billion barrels).

During the last 4 years Venezuela has experienced the biggest financial crisis in its history, a situation that has resulted in a devaluation of its national currency, the bolivar. It is stated that the annual inflation rate in the country exceeds 3000 percent.

As a result, the government decided to enter the Crypto Money Market. For this purpose, they will earn income outside the Central Bank and will strive to get rid of the crisis. The most important advantage of PETRO is that the Venezuelan state is behind it. In the country, taxes, public utility payments, salaries will be paid in the form of Petro and the spread of its use will be ensured.

officel petro site: http://www.elpetro.gob.ve/index-en.html