By Kikinos - 17.04.2019
1 petro to usd
charts and data today from the world's number one cryptocurrency price-tracking website. PetroDollar (XPD) Volume (24h). $? USD BTC. The petro can't be found on any major bitcoin exchange, including Currently, one bolívar is worth USD (down from USD).
We will reproduce a summary of what was written then: Final elimination of exchange mechanism DICOM and its replacement by an unregulated market where the exchange rate is determined by the exchange traders, limiting the Central Bank BCV to being a simple advertiser of the price.
Definitive abandonment of the "sovereign" bolivar as the currency 1 petro to usd national circulation. This has already happened in practice, both as a result of hyperinflation and devaluations, as well as with the monetary consent of the government and the BCV in authorising the use of cryptocurrencies.
Likewise, the ambiguities of the repealing of the law of illicit exchange [July ] which left grey areas concerning if one can purchase items directly in foreign currency in without going through officially authorized channels.
The dollar is already 1 petro to usd as a direct exchange unit for smaller trade, and other currencies 1 petro to usd used in some parts of the country the peso on the border with Colombia, the real on the border with Brazil.
The use of crypto-currencies is becoming increasingly popular.
Monetary-exchange rate anarchy. What is also happening with several exchange https://idcatalog.ru/usd/1-petro-to-usd-1.html and several currencies in circulation is that it becomes impossible to retain authority and sovereignty, and indeed even impossible to make economic policy.
It is worth saying that this anarchy is transferred 1 petro to usd the entire economy, affecting everything from pricing systems to productive activities. Deepening a new kind of inequality: a monetary inequality.
It's happening, too.
To the extent that multiple currencies and source circulate, those who have access to the most valuable and liquid ones impose themselves on those who 1 petro to usd not.
At present, all those who receive their income in bolivars are at a frank disadvantage against those who receive remittances or collect foreign exchange income.
The Coder and the Dictator
Abandonment of productive activities in favour of speculative activities. Given the exchange rate manipulation free crypto claim is no longer only in the black market but the government has now joined in.Venezuela dollarisation: Use of American dollars increasing
In practice it is cheaper and less cumbersome to import than produce domestically. Moreover, it is obvious that the main incentives are being directed to the monetary-financial field, including the possibility of "saving" in Petros and then transforming them into hard currencies and extracting them from the country, at least in the case of those who can acquire them in 1 petro to usd quantities.
Paralysis of economic activity. In our view, the Petro's artificially inflated promotion as a speculative crypto-asset is intended to contribute to the restrictive monetary policy that the government has been pushing in its 1 petro to usd against hyperinflation, whose origin is an "excess" of liquidity, in the eyes of the 1 petro to usd.
It has already been shown that this hypothesis does not apply for Venezuela. But beyond the theoretical disquisition, what matters here is the result. In a hyperinflationary scenario like the one we 1 petro to usd in, with permanent devaluation, monetary restrictions constricting printing of bolivars, levelling out of pay scales, budget cuts in institutionswhich 1 petro to usd only directly affect the 1 petro to usd through a violent contraction of consumption but also have a direct effect of strangulation, or rather of shrinking, of the economy, what can be expected is a greater closure of businesses, except for monopolies and oligopolies.
This, among other things, means an increase in unemployment, which will add to the large number of workers who are leaving the public administration, with it being expected that many more will leave en masse between the end of this year and 1 1 petro to usd to usd beginning of Dollarisation 1 petro to usd 1 petro to usd economy.
If the sovereign bolivar is to be definitively abandoned, we may be left in a Zimbabwe-like scenario of monetary anarchy or Cuban monetary duality. Of course, the option of Petrolisation is also present, i.
In our view, government policy points in this direction, but it doesn't seem likely to be a sustainable project over time.
XE Currency Converter: 1 USD to VEF = 9.98750 Venezuelan Bolívares
If other, deeper, non-monetary problems such as the gigantic drop in foreign exchange income, largely due to the fall in oil production, as well as the weight 1 petro to usd external debt are not solved, all that will really 1 petro to usd done is to displace the problems we have in bolivars to a scenario where we would have them in Petros.
So, it looks increasingly likely that at the end, this whole story of the Petro cryptocurrency, born to fight against the financial hegemony of the dollar, ends up paradoxically ushering in a definitive dollarisation of the economy, kind of following Friedman's rule that only a deep crisis makes it possible for the politically impossible to become politically inevitable.
The probability of this scenario is premised on two fundamental factors. Firstly, that there are powerful interests pushing in that direction.
Secondly, as the dollar remains the main world-class currency, accounting unit, and value of reserves, in hyperinflationary processes it operates as a "spontaneous" refuge 1 petro to usd economic 1 petro to usd of all levels.
The pinnacle here is that the artificial manipulation of 1 petro to usd Petro by anchoring it to the dollar via DICOM is also pushing in this direction.
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Maybe those in charge don't know they are doing it, but they are. We said all this last December, when the measures were taken.
Only the final elimination of the bolivar and the possibility of a legal or official dollarisation that reinforces the de facto and unofficial one seem to be missing from this list. It's almost certain that the first 1 petro to usd these will happen at any time, and we already know that the higher echelons of government do not see the dying of the bolivar badly, and go here thank God for it.
Anyway, in the months to 1 petro to usd, we'll know.
He is co-editor of the news portal 15yultimo. The views expressed 1 petro to usd this article are the author's own and do not necessarily reflect those of the Venezuelanalysis editorial staff.
Translation by Paul Dobson for Venezuelanalysis.
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