Venezuela Launches its own Cryptocurrency!?
Venezuela has started it's own cryptocurrency known as the petro. The currency is backed by its reserve of oil. The digital currency is said to have raised $735 million in only the first day. President Nicolas Maduro is taking a major risk given the country's current turmoil and inflated economy. He now intends on pushing his citizens towards the very volatile crypto world.
Many people doubt the project and firmly believe the coin will be easily manipulated and fundamentally will make no technical sense. The Venezuelan government is notorious for its corruption and manipulation of its fiat currency. It is still very speculative on how this might turn out for Venezuelan civilians.
Indeed, many issues may erode the petro's credibility. Venezuela’s opposition-led National Assembly has called the project illegal, arguing that oil assets cannot, by law, be sold and that the currency is a form of debt that has to be approved by the legislature. Maduro, however, has ignored the institution for years now.
The problem is that the Maduro government has close to zero credibility with most people, especially investors. And yet again we witness another country try to adopt and implement a new cryptocurrency.
I've actually met a nephew of Nicolas Maduro in the states. He's apparently from the side of the family that the Pres wants out of the picture lol.
Fun to party with ahahah almost got him to do dmt but he flaked out. I prob shouldn't say his name or where idk if thats dangerous lol
Whoa, lol. Where is the DMTCoin???
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That's interesting, but I'd have to take a shower if I bought that coin. The government is pretty gross indeed.
heheh that's pretty funny, that's how I feel about the dollar sometimes, too, but the Petro is a whole 'nother thing!
heres an amazing article on whats going on in venezuela by RUSSIAN news Reuters
https://www.reuters.com/investigates/special-report/venezuela-bus/
Wow, that is a quality bit of journalism. The whole situation is just mind boggling. It was saying that remittances (money sent home by migrants to their families) was propping up the country. If I remember correctly, OMG was designed in mind to circumvent predatory fees associated with that service.
CryptoCurrencies will absolutely be playing a larger role here as failing states and organizations try to grasp at power and control over the flow of resources.
Thank you, @exit404
looks like Maduro government is so desperate of sanctions and low oil price. They are smart enough to create a Petro cryptocurrency on time to grab the opportunity of crypto hype. Now the government ordered airlines and other businesses to accept their crypto "Petro". We dont know how this will work out, because the blockchain and cryptos are here to push for decentalization in the world but One centralized & correpted dectator created his Petro currency to tacle his countrys finincial crises. Crypto currencies are here and invented by the people and they should be always out from the hands of any centralized big banks or governments. God bless Cryptos.
Cryptos were definitely kicked off with that spirit @danytimi9, but I question if they all have to be. I dislike the idea of a centralized country crypto mostly because I think the modern banking cartels will use it to control people, so I don't disagree that they should be out of the hands of big banks.
What do you think about a physically decentralized currency, "centralized" on a country?
Is the world moving towards 1 currency or an ecosystem?
Can there be an infallible crypto?
That's one good reason for them to turn to cryptocurrency: it cannot be secretly manipulated.
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