Nicolas Maduro has completely destroyed Venezuela’s economy, sending the country into the dizzying heights of hyperinflation. Citizens have lost all hope in the government and riots are taking place on the streets as people search for scraps of food, often with women and children being injured. After turning to Bitcoin as their only lifeline for a stable source of money, Maduro clamped down on Bitcoin trading, making it very difficult in the country.
Now, Maduro has completely backtracked after his state-backed Petro failed to take off and has launched a government-backed Bitcoin and Litecoin remittance platform that allows Venezuelans to freely use Bitcoin and Litecoin in the country. It stinks of desperation to keep a grip on the nation as it descends into chaos.
Meet Patria the Remittance Platform
Dubbed Patria, the new Bitcoin and Litecoin remittance platform is the Maduro’s last shot at dodging US sanctions and restoring Venezuela to its former glory. Its huge fees are making it wildly unpopular, and locals already have access to LocalBitcoins where they can transfer funds faster and at a much cheaper rate. Patria is totally controlled by the government through the Superintendency of Cryptoassets and Related Activities (Sunacrip).
Maduro Turning Away Foreign Aid
Maduro is desperate to fix the country on his own and is turning away foreign aid. The international community recognizes opposition leader Juan Guaido as Venezuela’s self-proclaimed interim president – a move that has infuriated Maduro even more. Venezuelans are suffering, starving and dying on the streets because of this modern day Hitler, and he is showing no signs of letting go of his ideologies for the betterment of his people.
Maduro’s Last Throw of the Dice
Back in February, Maduro launched 63 crypto bills designed to help the Petro and other cryptos thrive in the country. However, these bills had little effect as the country was already in disarray. Maduro pinned all of his hopes on his own cryptocurrency – the Petro – but it was wildly unpopular from the get go. This forced him to start making items in the country only available to purchase with Petro – such as passports – in a bid to soak up the remaining currency in the country for his own pockets.
Patria is unlikely to help Venezuelans recover financial freedom and escape hyperinflation thanks to the huge fees it charges, so you’re better off sticking with LocalBitcoins. The situation in Venezuela is incredibly sad, but thankfully there are charities helping local children get the supplies they need to further their education.