Petro Continues to Hit The Venezuelan Vendors Hard

Usually, this would not be much to worry about, but due to Venezuela's wild hyperinflation, it puts vendors in a predicament. As a result of hyperinflation, the value of goods bought is rapidly increasing, and vendors are struggling to keep up with the pace and are failing to replenish their reserve.

Josefina Salvatierra, executive director at the National Council of Commerce and Services (Consecomercio), said that the lack of cash is the reason behind the struggles of the vendors. Salvatierra told local news

"The Petro is a scam for the merchant," 

President's Petro Fails to Fulfill the Purpose

Venezuela's President, Nicolas Maduro launched the cryptocurrency in a desperate attempt to save the country from hyperinflation. The plan was to have Petro's value to be as such that it is easily interchangeable with fiat. Speculations have been rife that the ulterior motive behind creating Petro was to dodge U.S trade sanctions and sell oil internationally.

Maduro has been persistent with his attempts to force Petro on his people. A while ago, he ordered national banks to switch to selling the cryptocurrency and nagged them for its adoption. However, his efforts seem to have gone in vain as the response towards it is anything but positive and instead of serving as a solution to hyperinflation, it has, in a way, made matters worse. Petro is getting discarded by people especially vendors, who despise the time delay in conversion of Petro to Fiat, the continued hyperinflation and the rapidly changing goods price which hurts them in both the long and short run.