Topic: [2018-01-10] Government-Backed Cryptocurrency in Venezuela: Innovation or Fake (Read 83 times)
January 10, 2018, 02:38:43 PM
Venezuela's own parliament seems to oppose the idea as well, believing it violates the Venezuelan constitution. They've already ruled it illegal (but from my understanding of the way government works overall in Venezuela, that might not be as much of a showstopper as it sounds) and the general impression is that it's mostly just a way of cheekily sidestepping US sanctions. Obviously the US wouldn't be happy about and would most likely slap them with some more sanctions as a result. Legislators think that even if they manage to get it off the ground, it will fall apart as soon as the current President leaves office. It remains to be seen what kind of success this not-quite-government-backed Cryptocurrency will have.
January 10, 2018, 02:23:21 PM
Venezuela plans on issuing a government-backed cryptocurrency called “petro”. The currency will be the first digital money actually backed by resources such as gold, oil, gas or diamonds.
The idea seems quite interesting and new, however, the community is mostly sceptical towards it. First of all, because the very existence of a government-backed cryptocurrency is contradictory to the idea of digital money - a free, decentralized and uncontrolled system.
Read more on Coinidol: https://coinidol.com/government-backed-cryptocurrency-in-venezuela-innovation-or-fake/
The idea seems quite interesting and new, however, the community is mostly sceptical towards it. First of all, because the very existence of a government-backed cryptocurrency is contradictory to the idea of digital money - a free, decentralized and uncontrolled system.
Read more on Coinidol: https://coinidol.com/government-backed-cryptocurrency-in-venezuela-innovation-or-fake/
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