In 2013, Nicolas Maduro became the president of Venezuela.
In 2017 Venezuela faced many brutal riots like “Mother of All Marches” and the Caracas helicopter attack. Maduro's Petro faced too much financial crisis from last 6 years.
Maduro also established a national cryptocurrency to save the agonizing economy but again he failed with more resentment.
From 1999 to 2009, Venezuelan government increase GDP per capita from $4,105 to $10,810 and reduced unemployment from 14.5% to 7.6%, also poverty rate dropped extremely from 23.4% to 8.5% .
Venezuela's economy which has been always dependent on oil and unfortunately oil started going down after 2009 which creates huge problem for venezuela government to save countries economy from dropped down heavily and government failed in it 100% and economy dropped heavily which inceased poverty and unemployment.
In 2013 Moduro came in power, he inherited one of the most shaky economies in the whole South American region.
In 2012 the average inflation rate was around 21 percent, but Moduro's actions drove Venezuela closer to the brink of the abyss.
In 2014 the crude oil prices dropped heavily to approx 40% in just six months which results into big crisis for Venezuela. In just two months 40 people killed due to clashes between protesters and the Venezuelan army and most people start demanding for the resignation of the president himself.
In 2015 the average inflation rate dropped around 68.5% and Venezuela’s GDP shrank to 3.9% .
Maduro claims on Petro
4 Dec , 2017 :
Maduro announces oil backed coin for the first time.
7 January, 2018
Maduro orders the issue of first 100 million Petros
15 January, 2018
Maduro asks 10 countries in Bolivarian Alliance to support Petro
22 February, 2018
Maduro hints the creation of second state coin - Petro Oro
4 May, 2018
Maduro launches the creation of Petro-funded crypto bank for youth initiatives
26 July, 2018
Maduro ties Petro to national fiat, announces the start of circulation in august
15 August, 2018
Maduro says Petro will be used as a unit of account for salaries, goods and services.
21 September, 2018
Maduro claims Petro will be used for international commercial transactions started in october.
1 October, 2018
Maduro announces the official Petro sale from november 5
7 November, 2018
Maduro claims Petro can be exchanged for any cryptocurrency,
spends his annual bonus to purchase Petro.
Note :- In the Bank of England around $1.7 billion worth of golden bars are stuck and $6.3 billion in foreign reserves held by the Venezuelan central bank.
Note :- In the Bank of England around $1.7 billion worth of golden bars are stuck and $6.3 billion in foreign reserves held by the Venezuelan central bank.
Nice Article
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