http://www.bbc.com/news/world-latin-america-42217798

In a bid to help counter Venezuela’s economic crisis, President Maduro has announced the creation of a new virtual currency called Petro. The necessity of this type of currency has come from nation’s low oil revenue and outrageously high inflation rate. Maduro stated in a televised speech that this new currency would allow for Venezuela¬†“to advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade.” The president seems to finally be taking some kind of action in regards to his country’s failing economy, which has been very publicized in recent weeks as they continue to rack up debt. If this new currency does not have the desired goal of improving the economy, Venezuela will seriously risk officially becoming a failed state. Maduro did not announce when or how this new currency will be launched, however some opposition leaders believe this plan will never come to fruition. Economists also see this as an attempt at addressing the debt crisis that will allow him to continue to restructure his debts to their advantage. There is not much else known about the new virtual currency, however it is apparent that Maduro is becoming concerned about the economic security of the nation to resort to this.

Kelsey