Petro was meant to solve the problem of centralization and dictatorship. Ultimately, our hero in this story, Jimenez, would come to be seen as the villain. Petro fell from its all-time-highs and has been trading sideways for many years.
The government has tried to push Petro, even paying as many as 8 million workers in Petro in an attempt to legitimize the currency.
“They’ve dollarized our prices. I am ‘petrolizing’ salaries and ‘petrolizing’ prices…We are going to convert the Petro into the reference that pegs the entire economy’s movements,”
What’s interesting is that the only exchange where Petro is tradeable is a small website known as Yobit. Why aren’t the other exchanges trading Petro? With a lack of liquidity and accessibility to easily trade the currency, it has made it difficult for the mass public to ever adopt.
Sometimes it takes capitalism and the innovation of the private sector to solve the problems of the state. In the case of Venezuela, it is our opinion that Reserve is just what the doctor ordered for this inflation-riddled country.