Their government need to resign and allow a new breed to find a solution to the political and economic problem of Valenzuela. Their petrodollar stable coin seems to have failed and using a foreign currency is never the solution to the existing financial instability, it will cost more harm in the long term.
Venezuela's problems are very complex.
1. A total American embargo
2. Government regimes that are not recognized by many countries
3. Domestic political instability
4. State revenues rely on crude oil exports
5. Dependence on meeting the basic needs of imports
6. Culture of corruption
For Venezuela, all decisions taken by the government are due to TINA (there is no alternative). For the issue of the use of dollars in Venezuela because of the fact that 58% of the world's foreign exchange reserves are still in dollars. Let alone Venezuela whose economy is in shambles, the mighty European Union cannot shift the dominance of the dollar. In addition, transaction systems throughout the world are still dominated by swift.
According to the latest news, the Venezuela government privatized the Venezuela oil company which had been controlled by the state. So world oil production is now being handed over and managed by the private sector. The power and legitimacy of the government which so far has relied on its ability to control oil fields as the backbone of the country's economy cannot be maintained. Maduro took this step with the aim of guarding the collapse of the Venezuela oil industry due to the US embargo. With the presence of oil exports, Venezuela can still get income to turn the wheels of the economy and so that Maduro can consolidate the power of his government.
