The New Bolivar and the Petro

Venezuela never gets a break  in the U.S.  press.  People are always on about their hyperinflation, but today Maduro took a fairly radical step to address the issue.  CNN mentioned that the new Bolivars looked very much like the old Bolivars and all  they’d done was to knock off 5 zeroes, and how’s that supposed to help?, and their overall tone was sneering, and I don’t believe they mentioned at all that the new currency is pegged to the national cryptocurrency, the Petro, which is in turn backed by the nation’s oil and gas reserves, which are considerable.
The New York Times did a little bit better.  Near the end of  the article they mentioned it.  Then they said some derisory things about the cryptocurrency and how the oil and gas reserves are already earmarked to paying off their debts.
I don’t know much about cryptocurrencies, I don’t think most people do, but I think it’s a pretty big deal when an entire nation bases its currency, and its economic recovery, on  one.  The knocking off of the zeroes may or may not have a psychological  effect.  Lots of countries with runaway inflation have tried it before,  with varied results.  But the cryptocurrency thing, that’s new.  As far as I know, anyway.
It could inspire confidence, maybe attract international investment.  If the whole cryptocurrency thing is real, and it seems to be, some day Venezuela may be seen as having been ahead of the curve.
But, as I mentioned above, I really  don’t know anything about cryptocurrencies.  So, let’s wait and see.   I wish  them luck.

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