Thousands of people have taken to the streets in a massive protest against the authoritarian regime of Nicolas Maduro in Venezuela, the young Juan Guaidó who is the national assembly speaker proclaimed himself as the interim President of Venezuela in the streets of Caracas.
The Trump administration officially recognized Juan Guaidó as the President of Venezuela, other countries like Canada, UK, EU, Colombia, Argentina, Brazil, Peru, etc have also shown support to Guaidó. But countries like Russia, Iran, Cuba, and Mexico are still in favor of Maduro who made fun of 35-year-old Guaidó.
Due to corruption and socialist policies of the Maduro regime, the Venezuelan economy is in the ruins. The country’s currency Bolivar has inflated 13 Million Percent as estimated by the IMF. To combat the problem Maduro launched a Cryptocurrency called Petro which is supposed to be backed by the country’s oil reserves. Launched in February last year the Petro is nowhere to be seen in Venezuela according to reports from Reuters.
Juan Guaidó talked about Bitcoin back in 2014 when a new exchange called Sur Bitcoin was launched. It was the first Bitcoin exchange in Venezuela launched by two Venezuelan brothers living in the US.
He said in a tweet:
“First Bitcoin exchange house launched in Venezuela”
Guaidó has also called out Petro for being shady and scammy. Back in December 2017 before the Petro was launched Mr. had tweeted saying:
“Maduro says that the Petro will have as backup the oil belt, that is to say it is not a Crypto Currency, it can be an electronic bonus with backup or any scam that nobody will believe them. A Stew-Currency in short”
The recognition of Guaidó brings in new possibilities for Cryptocurrencies in Venezuela. Petro certainly does not stand a chance if he successfully takes office as the president.
Image Source: Flickr
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