With inflation reaching over 1,000,000 percent, people forced to eat animals they find in the street and president Nicolas Maduro’s nephews arrested for trying to traffic 800 kg of cocaine into the USA, Venezuela’s government has successfully driven the country into the ground.
Thus, it’s unsurprising that Maduro’s United Socialist Party is going to force Venezuelans to use the country’s worthless cryptocurrency, Petro. A local paper, the Caracas Chronicles, said on Friday that the government has taken retirees’ pensions and converted them into the cryptocurrency.
Described by one reporter earlier this year as “the most horrible investment ever,” Petro has been launched and re-launched several times since it was first announced in February of this year.
Unsurprisingly, Venezuelans haven’t been too keen to adopt their government’s cryptocurrency. Given how badly they have done with their efforts at maintaining a fiat currency, that’s not surprising.
Not a group of people to give up easily, the government has decided to force Venezuelans to use the cryptocurrency. Pensioners found that their Payments
Payments
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times.
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times.
Read this Term for December had been taken away and converted into Petro.
Pointless Petro
In effect, that means they are worthless. No one seems to know where Petro can even be spent, what its value is or whether it even really exists in practice.
This sort of behavior on the part of Maduro and his cronies is nothing new. Back in August, authorities in Venezuela, not wanting people to continue fleeing their socialist paradise, decided to set up a massive new border force to prevent people from leaving the country.
To make things even tougher, a law was put in place that meant Venezuelans have to pay for their new passport in Petro. As no one is even certain as to how you go about buying Petros, it seems unlikely that many people have been able to get a new passport.
It does seem that pensioners, at least in theory, can convert their Petros back into Bolivars and then withdraw the money in fiat. As the system appears to be set up to make this process as long-winded, bureaucratic and complicated as possible, it may not actually be possible in reality — what a mess.
With inflation reaching over 1,000,000 percent, people forced to eat animals they find in the street and president Nicolas Maduro’s nephews arrested for trying to traffic 800 kg of cocaine into the USA, Venezuela’s government has successfully driven the country into the ground.
Thus, it’s unsurprising that Maduro’s United Socialist Party is going to force Venezuelans to use the country’s worthless cryptocurrency, Petro. A local paper, the Caracas Chronicles, said on Friday that the government has taken retirees’ pensions and converted them into the cryptocurrency.
Described by one reporter earlier this year as “the most horrible investment ever,” Petro has been launched and re-launched several times since it was first announced in February of this year.
Unsurprisingly, Venezuelans haven’t been too keen to adopt their government’s cryptocurrency. Given how badly they have done with their efforts at maintaining a fiat currency, that’s not surprising.
Not a group of people to give up easily, the government has decided to force Venezuelans to use the cryptocurrency. Pensioners found that their Payments
Payments
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times.
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times.
Read this Term for December had been taken away and converted into Petro.
Pointless Petro
In effect, that means they are worthless. No one seems to know where Petro can even be spent, what its value is or whether it even really exists in practice.
This sort of behavior on the part of Maduro and his cronies is nothing new. Back in August, authorities in Venezuela, not wanting people to continue fleeing their socialist paradise, decided to set up a massive new border force to prevent people from leaving the country.
To make things even tougher, a law was put in place that meant Venezuelans have to pay for their new passport in Petro. As no one is even certain as to how you go about buying Petros, it seems unlikely that many people have been able to get a new passport.
It does seem that pensioners, at least in theory, can convert their Petros back into Bolivars and then withdraw the money in fiat. As the system appears to be set up to make this process as long-winded, bureaucratic and complicated as possible, it may not actually be possible in reality — what a mess.
