currency

The Message of the Petro: Venezuela’s Crypto-currency Effort

By Alexis Takoushian

November 15, 2018

Venezuela’s years long economic crisis has not slowed down, as the International Monetary Fund projects a 1,000,000% inflation rate by the end of 2018 (Ellsworth). The staggering statistics of Venezuela’s crisis, including both economic and humanitarian disasters, are recorded as one of the worst hyperinflation cases in modern history. Venezuelan President Nicolas Maduro has clung to power under wavering support for his last-ditch effort policies and socialist principles.

Analysis of US-Venezuela Economic Relations and US President Trump’s Decision to Ban the Petro

By Brian Lander

April 16, 2018

This article was written as part of the course “Latin American Economic Development” offered by Professor Marla Ripoll, Department of Economic, University of Pittsburgh.

The United States Treasury Secretary announced on last March that President Donald

Trump signed an executive order banning all transactions within the United States or by US

citizens that involve Venezuela’s new cryptocurrency. The petro, which was Venezuelan

president Nicolás Maduro’s plan to combat the rising hyperinflation and devaluation of the

Ecuador to Begin Using Mobile Currency

By Asa Equels

October 13, 2016

Ecuador adopted the U.S. Dollar as its official currency in 2000, replacing the rapidly depreciating Sucre. Now, in 2014, the South American country is initiating a movement toward an entirely digital currency, which will be accessed through users’ phones and can be used in all transactions and bank operations.³

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