Venezuela Is Playing with the Exchange Rate of Petro Cryptocurrency

As Venezuela is currently going through a major economic crisis, the president Nicolas Maduro and the government are taking measures that might have seemed absolutely crazy under the normal circumstances.

Bloomberg reports that the Venezuelan president Maduro increased the minimum wage in the country by whopping 150%. Correspondingly, the exchange rate of Venezuelan state cryptocurrency Petro also skyrocketed, since the two are interrelated.

Although this is all done in a desperate attempt to save the country’s economy, such price jumps leaves thousands of people with quite a predicament. Some payments in Venezuela now require only Petro. With the current exchange rate, many people simply cannot afford to pay for a certain service.

We remind you:

Hyperinflation in Venezuela and Petro Cryptocurrency

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