Maduro says 'thank God' for dollarization in Venezuela

[Bacchus4.0]

https://www.reuters.com/article/us-venezuela-economy/maduro-says-thank-god-for-dollarization-in-venezuela-idUSKBN1XR0RV

CARACAS (Reuters) - Venezuelan President Nicolás Maduro embraced the currency of his bitter rival the United States on Sunday, calling it an “escape valve” that can help the country weather its economic crisis amid U.S. sanctions aimed at forcing him from power.

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The inflationary spiral has slashed the purchasing power of the South American country’s minimum wage, which together with food assistance, is equivalent to about $10 per month.

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“It can help the recovery of the country, the spread of productive forces in the country, and the economy ... Thank God it exists,” the socialist leader said.

Maduro, who at least until 2018 forbid the use of the dollar, added that while he is still evaluating transactions in U.S. currency, which have been growing in recent months, the bolivar will continue to circulate as the official currency.

[DetlefK]

1. What happened to his cryptocurrency that was supposed to save the economy?

Oh, right. Nobody wanted it.

[Bacchus4.0]

3. Ven government to pay Christmas bonuses in Petro cryptocurrency

https://www.ibtimes.com/venezuela-cryptocurrency-petro-will-be-used-christmas-bonuses-president-maduro-2869065

Nobody deals in it though so you can't buy with it.

[ArizonaLib]

2. He can get it changed away from the dollar later

It is easier to negotiate debt terms and manage economic growth when a country is able to manage its own currency.

[Bacchus4.0]

4. They haven't been able to manage their own currency nt