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Venezuela crypto, Petro's price is changed, this time 300% up

Finance

www.chepicap.com 16 January 2019 08:30, UTC
  
Reading time: ~2 m

Venezuela's native cryptocurrency, Petro's price is revised again by the government, after the previous that happened less than a month ago.

Venezuela government under President Nicolas Maduro decided to revise the price of their national cryptocurrency, Petro again.

After increasing its price by 150% from 3,600 VES (Venezuelan Sovereign Bolivar) to 9,000 VES just last December, the government once again announces a new price for the cryptocurrency.

Based on most the recent update, Petro is now valued at 36,000 VES, which is a 300% increase from the previous value.

The new price will have a domino effect to many aspects, such as the country’s minimum wage, which will increase by exactly the same percentage as it’s pegged to Petro’s price.

Its USD value, however, will remain at $60, which is based on the oil price per barrel during the ICO.

Economists say it will give more burden to the country’s already-ruined economy as prices of goods and services in the country will rise to adjust with the salary increase, which potentially brings a new inflation disaster.

Moreover, looking at how the price changes against the Venezuelan Sovereign Bolivar (VES) and not USD, they consider Petro more as an “instrument of depreciation”, rather than a cryptocurrency.

So basically, the Venezuelan government creates Petro to obtain more national currency (VES) per dollar by selling them at the most convenient rate, as reported by Coinspice.

How will the country cope with the new crypto price? Stay with Chepicap for updates.

Read more: Venezuela's government is embattled, doubling down on its Petro cryptocurrency


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