Venezuela's plan to gain bigger financial freedom through the Petro cryptocurrency has raised many questions. DW asked OANDA Senior Market Analyst Craig Erlam about the odds of the Petro succeeding.
Venezuela has begun the process of introducing a new digital currency. It's eventually meant to give the highly indebted Latin American nation greater financial leeway and reduce its dependence on capital markets.
Thousands of people are fleeing Venezuela amid food, power and medicine shortages. President Nicolas Maduro's government now wants to strengthen border controls and has raised the price for passports.
The South American country is spiraling further into a humanitarian disaster spurred by the government's economic policies, which have caused inflation to skyrocket 24,571 percent in the past 12 months.
Venezuelan President Nicolas Maduro has ordered the release of 100 million units of a new digital currency, the "petro." It will be valued at the current price of a barrel of oil, around $60.
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