Crypto Petro Competes With Bolivar

As of Monday, the Venezuelan cryptocurrency, the Petro, became the “mandatory accounting unit” of the state oil company PDVSA.

180820-venezuela-economy-03

And that’s just in time, since the fiat currency of the country, the Bolivar, is now being used as toilet paper as the fiat currency is cheaper and more readily available due to product shortages in many stores throughout the country.

Historians note that the last time this happened was after WWI in Weimar Germany.

Not a good sign for the near future.

https://www.wired.co.uk/article/venezuela-petro-cryptocurrency-bolivar-scam

About JeffKoeppel

I am a corporate/securities attorney in the Washington, DC area. Prior to joining the firm, I was a Senior Attorney Advisor in the Division of Corporation Finance at the U.S. Securities and Exchange Commission. I am a member of the Bars of the States of Maryland, New York and the District of Columbia. You can also follow this blog on LinkedIn at: http://www.linkedin.com/pub/jeffrey-a-koeppel/0/63/5a9
This entry was posted in accredited investor, balance, Banking, Banks, checkbook, Crowd Fund Act, Crowd Funding At the Margins, Crowd Funding Platforms, fraud, Funding Portals, insufficient funds fees, Jobs, Legislative Intent and tagged , , , , , , , , , , , , , , . Bookmark the permalink.

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