{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Poor Venezuelans launch local currency amid cash crunch' data-url='/boclips/videos/5c54d6bcd8eafeecae205f4e' data-video-url='/boclips/videos/5c54d6bcd8eafeecae205f4e' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nPoor Venezuelans launch local currency amid cash crunch\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eHard cash is tough to find in Venezuela as the country struggles with financial hardship. So residents in the capital have unveiled their own currency.              The Panal, which means honeycomb in Spanish, can be spent in just a few...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eHard cash is tough to find in Venezuela as the country struggles with financial hardship. So residents in the capital have unveiled their own currency.\u003cbr/\u003e              The Panal, which means honeycomb in Spanish, can be spent in just a few stores. But residents of one neighbourhood desperate for spending cash said they welcome the idea proposed by pro-government groups.\u003cbr/\u003e              Amid triple-digit inflation and a currency meltdown, there has been a run on cash in Venezuela.\u003cbr/\u003e              Buying common items such as toilet paper, or paying a taxi driver, requires stacks of the official currency, called the bolivar.\u003cbr/\u003e              President Nicolas Maduro recently announced that Venezuela is launching a national digital currency called the petro, similar to bitcoin. But he has offered few details.\u003cbr/\u003e              Salvador Salas, a community leader who unveiled the panal, said its circulation is limited to one poor neighborhood. \u003cbr/\u003e              Initially 62,000 bills have been printed — ones, fives and 10's, he said.\u003cbr/\u003e              One brightly colored bill has a picture of the late President Hugo Chavez wearing a red shirt with his arm raised as if giving a fiery speech.\u003cbr/\u003e              One panal is equal to 5,000 bolivars, or about 1.50 US dollars at the official exchange rate and about five cents on the black market.\u003cbr/\u003e              The panal revives a concept promoted by Chavez, who proposed 10 communal currencies before his death in 2013.\u003cbr/\u003e              Jose Guerra, an opposition politician, knocked the idea of an alternative currency. \u003cbr/\u003e              He said that having multiple currencies could add \"monetary chaos\" to the ongoing economic crisis.\u003cbr/\u003e            \u003cbr/\u003e\u003cbr/\u003e              Caracas – 16 December 2017\u003cbr/\u003e              1. A woman buying eggs with Panal cash (neighbourhood currency)\u003cbr/\u003e              2. Man counting Panal cash\u003cbr/\u003e              3. Close of 10 Panal bill, with the face of late President Hugo Chavez on it\u003cbr/\u003e              4. People in a communal market\u003cbr/\u003e              5. People in a queue inside communal market\u003cbr/\u003e              6. SOUNDBITE (Spanish) Carmen Rey, resident of the January 23 neighbourhood:\u003cbr/\u003e              \"It is a system that will ease the need for cash we have. The community here of January 23 we are lacking, like everyone in the country, in cash, and we cannot buy the products that provide us here in the area, for example rice, sugar, when they do special days of market  because we do not have the cash, and a way to ease this situation is creating this new modality of the communal currency called Panal.\" ( Honeycomb )\u003cbr/\u003e              7. Ten Panal bill with the face of late President Hugo Chavez \u003cbr/\u003e              8. People in queue outside the Communal Bank, called \" BP Ban Panal\"\u003cbr/\u003e              9. Sign on the Communal Bank\u003cbr/\u003e              10. People inside the Communal Bank doing a monetary transaction using Panal cas\u003cbr/\u003e              11. Woman counting several Panal bills\u003cbr/\u003e              12. Close of woman counting\u003cbr/\u003e              13. People in queue outside the Communal Bank\u003cbr/\u003e              14. Close of Panal cash \u003cbr/\u003e              15. SOUNDBITE (Spanish) Noé Vegas, resident using Panal currency: \u003cbr/\u003e              \"This kind of currency was created here in \"El Panal, \" and is an organisation created to give benefits to the whole community, and we bought this currency because it is a step to fight against the economic war that is against us, especially with cash, and It is a war not only in Caracas, but throughout Venezuela, and this is a very important step for that.\"\u003cbr/\u003e              16. Press conference of members of The Socialist Community \"El Panal\"\u003cbr/\u003e              17. Salvador Salas, administrator of The Socialist Community \"El Panal\"\u003cbr/\u003e              18. SOUNDBITE (Spanish) Salvador Salas, Administrator of the Socialist Comunal \"El Panal\":\u003cbr/\u003e              \"If we have a resource of our own, we have our own bank, why not issue our own currency?  That fundamentally when we talk about local currency, what we mean, is that we, in the first place, want to protect our local economy, and secondly, to make it grow.  What does that mean?  That these resources that we are producing, as a consequence of this productive activity, do not escape to another economic scheme different from ours, and that is fundamentally when we work with the issue of local currencies, a very interesting experience.\"\u003cbr/\u003e              19. A woman coming inside the Comunal bank\u003cbr/\u003e              20. The same woman taking her Panal currency inside the community bank\u003cbr/\u003e              21.  Currency handling machine counting Panal bills \u003cbr/\u003e              22. 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