23 April 2020 · 1 min read

Inside Maduro's Venezuela (Part 2)

In the second film Defiance's Venezuela series, the show's founder and host Peter McCormack heads to Caracas, the capital of Venezuela, to shed some light on the country's humanitarian and economic crisis, authoritarian leadership, and the use of cryptocurrencies in daily life.

Here, he meets people struggling to survive in the country's hyperinflationary environment, non-governmental organizations (NGOs) feeding hungry mothers and children, pro-regime demonstrators, and political opposition trying to bring democracy back into the country.

In the midst of chaos and propaganda, bitcoin and cryptocurrencies, United States dollars, and the government's Petro currency also play a significant role.

But will they be enough to reinstate peace, order, and prosperity into the country's daily life?

Defiance podcast founder and host Peter McCormack has been covering the Venezuela economic and political crisis since June 2018. This time, he flies directly into the face of danger to provide a firsthand account of the political and economical state of the country and whether people use cryptocurrencies to escape the repercussions of the oppressive regime.

Venezuela is in the middle of the political crisis that started 20 years ago when the socialist party led by Hugo Chavez took over the country. After Chavez's death in 2013, his preferred successor, Nicolás Maduro, forcefully took control of the country, following a controversial election.

Under Maduro, local currency and economy have collapsed, leading to increasing levels of poverty, hunger, and mass migration. One of the proposed solutions to the crisis was regime's own cryptocurrency backed by oil - Petro (PTR). At the same time, many cryptocurrency enthusiasts point to open blockchains like Bitcoin and other crypto coins as a better solution for the Venezuelans to escape hyperinflation.

This short film was produced by Adrian Baschuk.