Venezuela Planning New 100,000-Bolivar Bills Worth Just $0.23

[Argoo]

Nonetheless, the ever-declining Venezuelan economy may be good news for foreigners. Outsiders might become rich in Venezuela with US Dollars or any other valuable currency like the Euro or Sterling Pound. As far as average citizens are concerned, I believe they'll have a hard time trying to survive in the country with a hyperinflated economy. Unless someone does something to save the nation, everything will go down the drain in a blink of an eye. Just my opinion

They have parliamentary elections scheduled for today, which the ruling party is expected to win. The opposition politicians including Juan Guaidó are boycotting the election and this means that Maduro and his allies may get an overwhelming majority. Now this also means that the US embargoes are there to stay and the Venezuelans will continue to suffer from hyperinflation.

It looks like the situation in Venezuela continues to deteriorate. Yesterday I heard information on the news channels that a bill of one million bolivars is already being printed in Venezuela. Thus, inflation in this country continues to rise sharply.
As long as the power crisis continues in Venezuela, the economic situation will only get worse. President Maduro needs to step down and call democratic elections. However, everything is not so simple. Russia alone has invested tens of billions of dollars in the Maduro regime.

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[mrquackquack]

Anybody selling?

[Vishnu.Reang]

It looks like the situation in Venezuela continues to deteriorate. Yesterday I heard information on the news channels that a bill of one million bolivars is already being printed in Venezuela. Thus, inflation in this country continues to rise sharply.
As long as the power crisis continues in Venezuela, the economic situation will only get worse. President Maduro needs to step down and call democratic elections. However, everything is not so simple. Russia alone has invested tens of billions of dollars in the Maduro regime.

BS. First of all, Russia doesn't have that sort of money to invest in Venezuela (tens of billions of $$$  ). And secondly, if they had invested that much, then the situation would have been far better. The truth is that the Venezuelan society is deeply divided in to two camps. One camp supports Maduro and the socialists and they have managed to defeat the other camp led by Juan Guaidó, who is supported by the United States. It is up to the Venezuelans to elect their leaders, and we can't do anything about it.

[aysg76]

The inflation rates in Venezuela are very high and that's and grown almost 1300% over the years that's why they are printing new notes in the country but that will not match the balance.

Inflation chart

Actually they are suffering from hyper inflation and situation is getting worse day by day and President Maduro needs to take some economy friendly reforms to enhance the country growth

Millionaire in 50 cents

The Venezuelan currency is depreciating day by day due to rising hyper inflation in the country.

[bryant.coleman]

^^^ They don't have any foreign exchange reserves to support their currency, unlike the other nations. Venezuelan forex reserves were exhausted long back and no one is willing to purchase the currency at levels specified by the government. Black market rates are like 1,000 times higher than the official rates. And the government just doesn't care. They continue to print banknotes, as if everything is normal.

[Shasha80]

It is sad to know that Venezuela's economy is deteriorating, even though it was once considered one of the most prosperous countries.
But the result of years of misdirection of economic policies and corruption has triggered the collapse of the Venezuelan economy. Then make
Venezuela a poor country today. This has led many Venezuelan residents to leave their country for other countries, to get paid for another
country's currency which is more valuable than the Venezuelan Bolivar.

There is no other way to save the Venezuelan state in need of major changes in their economic system, the Venezuelan government must use
their national income to invest in assets that are capable of producing promising returns. Venezuelan government can buy assets of large companies
or Bitcoin. Because if Venezuelan government don't do this,  it will be difficult for the Venezuelan state to recover. Moreover, the government continues
to plan to print more money.

[Twentyonepaylots]

They are trying to print out new money in hopes of rejuventaing their currency and economy through money circulation, sadly I don't see this working at all especially since at this point, almost all Venezuelans are already using USD as their main currency, given the fact that Bolivars literally cost a lot more to produce than its worth

It is sad to know that Venezuela's economy is deteriorating, even though it was once considered one of the most prosperous countries.
But the result of years of misdirection of economic policies and corruption has triggered the collapse of the Venezuelan economy. Then make
Venezuela a poor country today. This has led many Venezuelan residents to leave their country for other countries, to get paid for another
country's currency which is more valuable than the Venezuelan Bolivar.

There is no other way to save the Venezuelan state in need of major changes in their economic system, the Venezuelan government must use
their national income to invest in assets that are capable of producing promising returns. Venezuelan government can buy assets of large companies
or Bitcoin. Because if Venezuelan government don't do this,  it will be difficult for the Venezuelan state to recover. Moreover, the government continues
to plan to print more money.

It has already deteriorated, Socialism is only good in paper but just like communism, it sucks in real life. Capitalism on the other hand is bad in paper, but fairly good in real life application. What they can do is to print out a new currency based on a different asset, that would cost a whole lot of money but it's a better choice than beating a dead horse that is the Bolivar.

[Sithara007]

It has already deteriorated, Socialism is only good in paper but just like communism, it sucks in real life. Capitalism on the other hand is bad in paper, but fairly good in real life application. What they can do is to print out a new currency based on a different asset, that would cost a whole lot of money but it's a better choice than beating a dead horse that is the Bolivar.

Socialism is not practical in real life. The basic concept of socialism is equal wealth for everyone, which will be impossible to implement. If everyone is allotted equal wealth, then why should anyone work? Those who work for 70 hours per week, and someone who stays at home and refusing to work will be paid equally. So what is the point in working hard? Eventually no one will do any productive activity and the government will run out of cash. And this is exactly what happened in countries such as Venezuela.

[mrquackquack]

Anyone selling some Bolivars let me know thanks.

[Kong Hey Pakboy]

Anyone selling some Bolivars let me know thanks.

What are you going to do with it though, the only thing that it can do as of this moment is become a fuel for fire. This wouldn't really come to this if the government prepared for an eventual price drop in oil but knowing that they don't want to do any work as the money pouring in is a lot, this is what happened. Not to mention that they failed to create projects that will benefit the whole community as most of the projects back when they were prospering is focused on individuals.

[bryant.coleman]

Anyone selling some Bolivars let me know thanks.

What are you going to do with the Bolivars? If someone ships you the banknotes from Venezuela to your home country, then the courier charges may be 100 times the actual worth of those banknotes. There was an article in The Guardian a few months back. They were claiming that one chicken costs some 14 million Bolivars in Venezuela. And this is what it looks like:

[Mauser]

Anyone selling some Bolivars let me know thanks.

What are you going to do with the Bolivars? If someone ships you the banknotes from Venezuela to your home country, then the courier charges may be 100 times the actual worth of those banknotes. There was an article in The Guardian a few months back. They were claiming that one chicken costs some 14 million Bolivars in Venezuela. And this is what it looks like:

I would be very careful with buying currencies during hyper inflationary periods, especially when it's physical currency. It might be very hard to sell the notes again and eventually might be worthless. The thing with countries who experience high inflation is that there is no end in sight. Once investors lose faith in a currency it is very hard to get it back.

[mrquackquack]

Just send me a message on here if interested. Thanks again.

[Vishnu.Reang]

I would be very careful with buying currencies during hyper inflationary periods, especially when it's physical currency. It might be very hard to sell the notes again and eventually might be worthless. The thing with countries who experience high inflation is that there is no end in sight. Once investors lose faith in a currency it is very hard to get it back.

There are people who collect foreign banknotes as a hobby. For them, Venezuelan Bolivar will have some value. One of my friends a few years ago purchased the "One hundred trillion Zimbabwe Dollar" banknote from ebay. This banknote has no value in Zimbabwe, but people were purchasing it just to keep it in their collection. So I guess it is the same with Bolivars as well.

[sunsilk]

I would be very careful with buying currencies during hyper inflationary periods, especially when it's physical currency.

It's possible that these people who are buying it are just for collecting purposes. It's part of history and having them will give you the pride that one day you've been holding that part of a historical moment when a lot of cash you have in your hand but the value is just cents.

It might be very hard to sell the notes again and eventually might be worthless. The thing with countries who experience high inflation is that there is no end in sight. Once investors lose faith in a currency it is very hard to get it back.

They knew where the value of these currency notes are going and that's why before it goes bad or it totally gets to zero, they own it. This is like owning a shitcoin but you actually holding it physically and thus, there's the historical value that you may earn it someday or just for the sake of owning it like having a toy collection.

[Sithara007]

They knew where the value of these currency notes are going and that's why before it goes bad or it totally gets to zero, they own it. This is like owning a shitcoin but you actually holding it physically and thus, there's the historical value that you may earn it someday or just for the sake of owning it like having a toy collection.

Yeah.. if you are owning a Zimbabwe Dollar or Venezuelan Bolivar banknote, you at least have something physical to keep with you. On the other hand, worthless shitcoins are digital assets and once they become dead, you don't have anything to keep with you. I had the misfortune of collecting some of these shitcoins in 2014/15, when I started with cryptocurrency. When they became worthless, I just abandoned the wallet. However, I have some worthless tokens still lying in my ERC-20 wallet. Can't get rid of them. There is no option to delete these tokens and if I want to throw them away, then I need to pay the gas price.

[Argoo]

It looks like the situation in Venezuela continues to deteriorate. Yesterday I heard information on the news channels that a bill of one million bolivars is already being printed in Venezuela. Thus, inflation in this country continues to rise sharply.
As long as the power crisis continues in Venezuela, the economic situation will only get worse. President Maduro needs to step down and call democratic elections. However, everything is not so simple. Russia alone has invested tens of billions of dollars in the Maduro regime.

BS. First of all, Russia doesn't have that sort of money to invest in Venezuela (tens of billions of $$$  ). And secondly, if they had invested that much, then the situation would have been far better. The truth is that the Venezuelan society is deeply divided in to two camps. One camp supports Maduro and the socialists and they have managed to defeat the other camp led by Juan Guaidó, who is supported by the United States. It is up to the Venezuelans to elect their leaders, and we can't do anything about it.

Russia sent its specialists to President Maduro, who helped create their Petro cryptocurrency in Venezuela, which is allegedly supported by Venezuelan oil. Russia has also invested about $ 10 billion in Venezuela's oil business, so it has become very interested in preserving the Maduro regime. When popular protests arose in this country, Putin sent his mercenaries to ensure the safety of Maduro.
Including with the help of Russia, the Maduro regime has so far survived. Meanwhile, banknotes of 200,000, 500,000 and 1,000,000 bolivars are being printed there.

[Vishnu.Reang]

Russia sent its specialists to President Maduro, who helped create their Petro cryptocurrency in Venezuela, which is allegedly supported by Venezuelan oil. Russia has also invested about $ 10 billion in Venezuela's oil business, so it has become very interested in preserving the Maduro regime. When popular protests arose in this country, Putin sent his mercenaries to ensure the safety of Maduro.
Including with the help of Russia, the Maduro regime has so far survived. Meanwhile, banknotes of 200,000, 500,000 and 1,000,000 bolivars are being printed there.

Russia doesn't have that sort of cash at hand. At the most, they might have purchased some amount of crude oil from Venezuela to sell it elsewhere. But $10 billion sounds too high. As the sanctions and embargoes are in place, it will be impossible for them to trade commodities worth this much. Sending mercenaries is something that Russia does very regularly. They have done this is countries such as Ukraine, Sudan, CAR, Syria and Libya.

[mrquackquack]

Oil in Venezuela?

[Ultegra134]

They knew where the value of these currency notes are going and that's why before it goes bad or it totally gets to zero, they own it. This is like owning a shitcoin but you actually holding it physically and thus, there's the historical value that you may earn it someday or just for the sake of owning it like having a toy collection.

Yeah.. if you are owning a Zimbabwe Dollar or Venezuelan Bolivar banknote, you at least have something physical to keep with you. On the other hand, worthless shitcoins are digital assets and once they become dead, you don't have anything to keep with you. I had the misfortune of collecting some of these shitcoins in 2014/15, when I started with cryptocurrency. When they became worthless, I just abandoned the wallet. However, I have some worthless tokens still lying in my ERC-20 wallet. Can't get rid of them. There is no option to delete these tokens and if I want to throw them away, then I need to pay the gas price.

What's the point of having worthless bills lying around? Unless you want them for display, because chances are, that these bills aren't and won't be worth anything in the future. They'll be purely cosmetic. Even the Venezuelans aren't using cash, because it's impossible to carry so many bills. Inflation is so high that they aren't even been used anymore.