Judging from the way the Venezuelan president- Nicolas Maduro, is hiking the price of the country’s national crypto- Petro, the coin is inarguably the most profitable “popular” cryptocurrency to hold right now. Following a recent decree increasing the value of Petro by Maduro, the president has made introduced another monetary policy designed to increase the value of one Petro to 36,000 sovereign bolivars.
Criticism From Opposition and Experts
As expected the president’s decision has been met with significant criticism. Juan Guaido, the leader of the opposition for one has expressed his distrust in Maduro’s economic policies. He made this known in his statement which reads:
“Today, Nicolas Maduro mocks the Venezuelan people, once again, after taking economic measures that only bleed more in the pocket of Venezuelans,”
Asdrubal Oliveros, director of Ecoanalitica, a Caracas-based economic research organization, also stated that:
“There is no intention to rectify the direction of the economy so it will continue on its deteriorating path in 2019.”
The new price change was announced along with a “new monetary system”. Maduro, made it clear that the new monetary system will help the country in its effort to combat the “criminal dollar.” The President also increased the minimum wage which was increased about five times last year.
The President is of the opinion that this new policy will do well to help the country in its mission to climb out of the crippling hyperinflation the country is going through. Currently, Venezuela is going through the highest inflation ever recorded globally.
President Maduro also increases the minimum wage by 300 percent to 18,000 bolivars per month.
No Petro Wallet has Been Released
For those looking to have some piece of the Petro, it is important to note that the crypto still lacks a wallet and only a certificate of purchase is available to buyers.