Why Venezuela’s New National Cryptocurrency El Petro Will Fail
Washington and legacy media are in a tizzy about Venezuela reportedly thwarting international sanctions by way of a dreaded state-backed cryptocurrency. A closer look reveals several stumbling blocks for the Bolivarian Republic: nonexistent reserves, hyperinflation, centralization, and the impossibility of actual redemption. The attempt will fail, if it’s ever rolled out, adding woes to a region … Read more
