Venezuela & CBDCs
It is well documented that Venezuela has suffered from terrible currency problems and hyperinflation following US sanctions.
A visitor to Venezuela created a video clip explaining the harm being done.
Under this context, any currency consideration is affected.
Despite all these circumstances, the Central Bank produced an advanced solution for a CBDC – one of the first globally – officially backed. As one commenter stated it was supported by Russia. But the Petra – the CBDC – was not adopted admidst the currency crisis in Venezuela.
USD are actively sought and even stablecoins have been officially recommended by the USA – the USDC.
As with Cuba, when sanctions are imposed there is heavy disruption, widespread poverty, and choas in currency circles.
If the USA delivers a CBDC for the USD then that could impact Venezuela.
As of today, the issues are political, severe, and connected to USA Foreign Affairs Policy.
Venezuela has more oil reserves than any nation; more than Iran and Iraq combined. Hence the opportunity exists to rebuild the economy in Venezuela.