As countries across the world battle the COVID-19 (coronavirus) pandemic, spare a thought for Venezuelans.

Already beset by a collapsing economy and hyperinflation before the virus crisis hit, the formerly prosperous South American nation is now witnessing more half-baked idiocy courtesy of its incompetent president Nicolas Maduro.

Re-arranging deckchairs on the Titanic?

According to an official Tweet, former bus driver Maduro has launched the ‘Doctors of the Homeland’ initiative, which will see Venezuela’s state-issued cryptocurrency ‘air-dropped’ to doctors – despite the fact that the hospitals themselves are so underfunded that they have long lacked basic essentials like soap and disinfectant.

Yes, those doctors currently living through hell, trying to fight the deadly COVID-19 virus in a health system that was already close to total collapse, will each get given one whole Petro (PTR), delivered via the Patria System – the government run platform created to bypass the nation’s failing banking system.

So, how much is a Petro (PTR) worth? Well, the government claims its about $60 USD, but in reality, popular Venezuelan trading platforms are pricing it at round $25 USD. But, as paltry as that is, most Venezuelans are even worse off, with the monthly minimum wage working out to around $3.60 per month, boosted by roughly $2.90 worth of food stamps per month.

Collapse in oil prices the final nail in Venezuela’s coffin?

Just before COVID-19 emerged as a global threat, President Maduro signed a decree ordering state-owned Petroleum of Venezuela (PDVSA) to sell 4.5 million barrels of oil, priced in Petros (PTR), from its 30 million-barrel reserve. The plan was to then sell 50,000 barrels per day, denominated in Petros (PTR). Unfortunately, the coronavirus pandemic has caused an unprecedented collapse in demand for oil, and prices have plummeted.

While we love cryptocurrencies here at AYO.NEWS, and we are confident emerging technologies like blockchain and AI can help in the fight against COVID-19, we have to wonder just how much more of this madness Venezuelans can take? COVID-19 is challenging even the best-funded of healthcare systems, but instead of putting pragmatism front and centre, Maduro’s government is still clinging to ideologically-driven gimmicks and making a bad situation worse.

Let’s hope that, at the end of this, Venezuelan’s will find a way to rid themselves of Maduro and his corrupt government, and bring their country back into the international community.

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