As the Venezuelan government clamps down on aid coming into the country, donors have turned to cryptocurrencies.
(Reuters) Venezuela and China agreed to hundreds of projects to kickstart growth in the South American country. After billions in investments, however, little materialized. A $200 million rice plant illustrates the graft and incompetence that opponents say crippled development by Venezuela's leftist regime.
Venezuela’s unemployment rate is soaring to levels unseen in the world since the Bosnian war came to an end more than two decades ago, according to the International Monetary Fund.
The few buyers Reuters could locate were those who had posted about their experiences on online cryptocurrency forums. None would identify themselves. One complained of being “scammed.” Another told Reuters he had received his tokens without problem; he blamed U.S. sanctions against Venezuela and “awful press” for hurting the petro’s debut.