Current situation in Venezuela due to the economic crisis - Personal opinion and analysis.
Its been a week since the decrease of the value of bolivar has affected all of us thanks to the "gift" given by Maduro´s regime the pseudocrypto "Petro".
How this affected the economy of my country?
there were to many transactions with this "coin" with the biopayment system that the goverment implanted and everyone forgot about dollars and bolivares for almost two week, there were so many compulsive buys that the demand of dollar was higher than the offer and that lead to a decrease of the value of bolivar in more than 30% today January the 6th, 2020, the value of Dollars is 78.000 per Bolivar, the minimum wage of Venezuela is 300.000 bolivares, the value of this "cryptocurrency" is 2.700.000 bolivares and the goverment gave away to almost half of the population half petro, which is 1.350.000, and people went crazy.
This is a cryptocurrency presented by maduro´s regime which is not such a thing as a crypto as is not minable, is just a digital currency that cannot be converted in dollars or any fiat and without a blockchain and its value does not comes from the market but instead of the value of oil barrels, this generates a digital currency that is acquired in dollars but when spend in any kind of buy it transforms into a LOT of bolivares and then people needs to buy dollars to protect their incomes from devaluation which increase the demand of dollar and as such the decrease of the value of bolivares.
That is the current situation here with the crisis, we are on the way of another great inflation.