Venezuela's New Dilemma: The Law on Foreign Exchange

The Venezuelan hecatomb is getting closer and closer to its end. - Or a new beginning? - The Tyranny Government of Venezuela. A unilateral, one-sided, corrupt, and moribund government is playing what will probably be its last card in this long game that has put in check the entire Venezuelan population; Even themselves.

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Venezuela's economic vicepresident Tareck El Aissami
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Today the Vice President of the economic area, Tareck El Aissami, introduced before the plenipotentiary and illegitimate National Constituent Assembly (ANC) the project that will be in charge to derogate the very outdated Law on Foreign Exchange. He also announced that as of August 20 of this year, all Natural persons and Legal bodies will be able to go to the exchange offices authorized by the government to do, according to him, transactions in a transparent, legal and safe way.

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The Law on Foreign Exchange is a law whose main objective is to establish all the facts that constitute a foreign exchange crime, and all the corresponding sanctions.

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With this move, plus the announcement about the monetary reconversion where the President of the Republic, Nicolas Maduro, presented the new decimal coinage system, and underlines the elimination of Five Zeros to our already dead currency, plus the anchoring of the new Super Mega Powerful Bolívar Sovereign to Petro; The pattern and the path that the government will follow is set. With these measures, they show that they go with everything they have in this, that will probably be their last attack.

In theory as of August 20, with all the measures that will come into force, the Venezuelans could buy and sell foreign currency in a legal system, in the different currency exchanges that will be announced by the Government. This way, together with the other measures adopted, they seek to improve the commercial exchange and the fluidity of the transactions that are becoming increasingly difficult due to the hyperinflation to which Venezuela is subject.

Regarding the legal issue, there is no doubt that all these measures lack sufficient legality. Simply for having been born of the Illegitimate National Constituent Assembly which will generate a lot of debate mainly because they are already seeing signs of approval among some of the "opposition" who categorize all these measures as very positive, in case the government really allows the private sector and to people, to do what they have been doing behind the scenes, which is to work with dollars without the fear of being imprisoned.

This will be a test of fire for the nation, because the government is virtually freeing the economy of the country - if the announcements are fulfilled - and although it is total de facto illegal, the Venezuelan folk has been characterized by not caring who is ruling, as long as the pocket is full and "there is enough money to drink for the weekend" so it is possible that all these practices are legitimized. That, if we analyze a little, they are legitimized from the moment you see in Wassap profile updates "I sell 100 $ cash payment with Banesco "or even ourselves who live of crypto or projects like Steemit, where we practically have our parallel economic universe, and we trade with virtual currencies, without paying any kind of tax.

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In my opinion, the Government seeks to distract and confuse the Venezuelan much more. By analyzing a bit we can see what they are up to, and who will be the great beneficiaries of these changes. In principle and theoretically speaking, the implementation of these measures could improve the economic situation of the country. However, we can not forget that we are dealing with a Narco-Terroristnetwork that is very well advised -20 years destroying us- and that to maintain the policy in which they will only have access to preferential dollars, (10 Bs Per Dollar) will probably take us to a much deeper failure. They are looking for investment, and they are sure that a lot of bad capital will enter the country, since many of them will use this situation to launder their capital and keep their machinery operating; taking advantage of the economic duality they continue to insist on -Bolivar Preferential / Currency Exchanges- in addition to convenience, so that they will not have to worry about economic sanctions or transactions with foreign banks, having them all the money laundering machinery close to them. They also intend to monopolize the family remittance market; Many have no idea of ​​the number of dollars that enter the country every day in the form of remittances sent by people who had to leave the country in search of a better future, to their relatives who are still living the "Venezuelan Nightmare" here, that is, they pretend to let our money, and not the outraged by them, to be the one who will fix all this disaster.

We'll see what happens next, perhaps these measures are not carried out. The government has been characterized as a liar one and cheaters. So I would not be surprised if all this is one more lie.