Venezuela’s economy has hit rock bottom. The situation has grown so dire that humanitarian aid is being doled out to help those who are financially strapped.

Today, Venezuelan troops are fighting off citizens as they try to block the aid from reaching them.

Aggravating the situation for so many of the country’s citizens is the collapse of its currency. Called the bolivar, this Venezuelan currency is virtually worthless. Inflation has soared so high that basics items, such as food and medicine, are too expensive for citizens to afford.

As the country’s situation worsens, the issue of digital currencies is resurfacing. The subject of central bank digital currencies (CBDC) was broached recently by a researcher at the University of Luxembourg. Hossein Nabilou penned a report fittingly entitled “Central Bank Digital Currencies: Preliminary Legal Observations.”

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