Topic: Venezuela's central bank is holding Cryptocurrency! (Read 672 times)

Out of every rumor actually comes the truth, yes people do formulate things bit not when many people have said something about it, and I remember that when Facebook Libra coin was actually on their project to be released, there were rumors that they had the plan to do so long before they even came to make statement about it, but I never paid attention to it and also called it rumor until the truth actually came out too.

Unlike what the other fellow mate said, the reason why Venezuela will even think of investing in the bitcoin is to salvage their economy and understanding the volatile nature of bitcoin, and looking at the positive side of it, I think that they will actually invest much in it which is the only way they can get enough money out of their investment for economic purpose.

Ofcourse it has a good effect on the market. As economic recession continuously happening in Venezuela, Venezuela bolìvar value gradually decreasing. Venezuela citizens are suffering to even have their basic necessities as buying one is as though sacrificing the whole day without eating any. Venezuela government starts to recognize bitcoin's value, and with that the bitcoin's demand grows that it could have a huge effect in the market. So, it isn't bad 'cause it does help cryptocurrency market to grow.

The government is experiment with anything they can do to revive the economy, the politicians ruined the country and i have not seen 100% inflation in my life time and when Venezuela achieved that feat i was god smacked to know how a corrupt government can ruin a country completely, their Petro was a complete failure and you cannot create currency after currency and expect to overcome inflation .

I find what the Venezuelan government is doing to be very confusing,  in the height of their economic problems, the people decided to mine bitcoins and other cryptos in a bid to escape poverty mainly because they had access to cheap electricity and the government forbade and made cryptocurrencies illegal and then they proceeded to make their crypto which failed massively and now this.

That was too hard to decide investing all our savings with crypto, I think Venezuela's government is more devoted with crypto in which legalizing it probably helped their people recover from poverty. How I wish other county specially most parts in asia would have positive mindsets over bitcoin and all aspects related to cryptocurrency, so that it will generate good outcome. Eliminating some discrepancies of fiat currency will soon be corrected and posible that all mode of payment system will be diverted using cashless spending.

if any country holding cryptocurrency in their assets , i think it is smart action from them.they now potency in future when cryptocurrency already totally developted .at this time its true too many drama in crypto market, but it does not mean we have bad future for it.bitcoin or cryptocurrency was expected could be the solution when fiat have no value again if compared with goods.inflation going crazy and no one prevent it except we invest our money in crypto.

There is nothing like rumors in this world. If there is smoke then that means there was fire too. Rumors have not hundred percent reality but they contain bits of truth to some extent. Just because common people does not pay good attention to bitcoin does not mean the authorities and government people are also sleeping. Bitcoin is a way too important for surviving in coming days.

Yes, but still cryptocurrency is not the answer to their financial crisis, still they should find ways for them to be able to stand out again and overcome this problem to their country, and this should be a lesson that they should learned on their part. Crypto is always an opportunity, but I doubt if this can solve their issues, as we are talking about large sum of money. They should borrow in some countries to start again.

It is a good thing because the Government of Venezuela are fully committed on cryptocurrency and no bad intentions on using it like controlling it, they are like Japan who sees bitcoin as a new light of hope that could bring back their country in good feet and save their country in poverty. In this kind of movement, I am getting my high hopes that bitcoin could really be the main currency we are going to use since fiat is too vulnerable.

Fiat is just a mere piece of paper that have its value because the Governent says it's have one.

First of all, these are just rumors. The central bank of Venezuela (El Banco Central de Venezuela) never admitted that they are holding any form of cryptocurrency. These rumors are just spread by some of the media outlets, and as of now, we don't have any confirmation regarding this. Even if they are holding any crypto, it is going to be in very low amounts, given the bad state of the Venezuelan economy.

It is true that Venezuela is currently going through a financial crisis and they are unable to import essential commodities due to a lack of foreign currency in their reserves. And Bitcoin is not an answer to their problem. What they are doing now is that they are trying to sell their gold reserves, to earn foreign currency. But one issue is that some of that reserve is stuck abroad and the government can't access it now.

Central Bank in Venezuela holds Cryptocurrency because their country is experiencing a monetary crisis, so the Venezuelan government will most likely adopt Bitcoin there. Many believe that the parties of the World Bank now also glance towards Cryptocurrency, they want to adopt Blockchain technology for banking.

It is good to know that some of the financial institutions are trusting and holding cryptocurrencies because it is a proof that cryptocurrency is a good asset to store the value of our money. I think that the other major banks do the same thing like the central bank in Venezuela because it gives them a safe haven for their money and also an opportunity to grow their cash.

I really don't know what can really bring Venezuela out of present crisis but I am sure about one thing and that is if the central bank of Venezuela is holding bitcoin, which it most probably is, it is going to be one of the most stable and rich country in the near future. Anyone who will support and invest in bitcoin at the present moment will be among the wealthiest of future. I also believe, bitcoin is going to be the biggest savior for Venezuela.

The government took that action because it has no more options, the Central Bank of Venezuela has no liquidity, the lack of cash is an acute problem, the Bs.S is handled and the government's policies are prohibited from the US dollar, without However, in the Capital of the Country they manage dollars, what they do is print inorganic money increasing inflation every day. Recently the government increased 750% of the basic salary, which, instead of fixing the economic situation worsens it, because much more speculation is generated.

The few people who know Bitcoin what they are doing at the moment are buying everything that can be done in Bitcoin, because they know very well that the value of their currency is very low, and on platforms such as localbitcoins.com the volumes are increasingly big.

Check:

Global Volume:


Source: coin.dance

And Volume in Bs.S:


Source: coin.dance

Where:


Source:themoneyconverter.com

And Volume BTC:


Source: coin.dance

Taking into account these data, adoption has not yet been total, it represents only the part of the population that knows Bitcoin and the Crypto market, but the crisis has revealed today how to take refuge in this technology.

Already in Venezuela 3 ATMs have been set up:

1.- In San Antonio del Táchira (Táchira State)
2.- In Mérida (Mérida State)
3.-In Caracas (Capital)

Given these adoption rates, the government took the measure of accepting payments in Bitcoin and ETH cryptocurrencies to integrate it as possible reserves, it is a desperate measure to obtain money from the US blockade to pressure rulers to leave power and let the country arise.

This whole crisis brings to the Bitcoin market a growing demand that gradually eliminates the supply and the price of Bitcoin in the long term will be higher.

Venezuela experienced an economic crisis which caused the Bolivar currency to fall. high inflation results in their economy in a bad state. and to get out of this problem they switched to using bitcoin. they use bitcoin for everyday transactions like buying plane tickets. now they rely on bitcoin to survive. and I also heard that the government of Venezuela will issue its own digital currency. this proves cryptocurrency can be a solution when an economic crisis occurs. When more people buy bitcoin then of course this will have a positive impact on the bitcoin market.

The Venezuelan government holds Cryptocurrency because their country is in a state of decline so they want to protect their country's assets with Crypto. I totally agree with the attitude The Venezuelan Government dares to make such a decision. Hope other countries take the same action.

If this issue is true then it will turn very bad for Venezuela because they are already in crisis, I don't know how they could take this type of decision whereas the cryptocurrency is not going well and it has a lot of volatility, Cryptocurrency is not a solution for their crisis and I think it would turn another disaster very soon, Since they are in this crisis due to American imposition on various types of import and export, so within this situation, Holding cryptocurrency or Bitcoin is not a good decision at all, not only that but also the USA government is against this cryptocurrency so they could more imposition on Venezuela, overall situation is not suitable to them regarding the cryptocurrency.

Not surprising. They know their own currency right is in a really bad state and is definetly not fit as a currency to be used.

I hope they aren't looking to BTC as just a bandaid fix. Hold it for a couple years before they fix their economy and then ban/eliminate BTC and force people to use their own currency again.

This could be the first possible bitcoin powered economy and this could be huge news if Venezuela works with the crypto-currency to find a permanent solution.

For me, its good news to some cryptocurrencies user, especially if you are trading bitcoin in the same country. Acceptance and legalization of bitcoin and another cryptocurrency are just we need to boost cryptos value because we know that when the demands increase, the price also increases, especially in this kind of industry.

Their currency are losing its value... Is it their way to handle the crisis they're experiencing? In order for us to see whether it's a good decision or not, let's just see what wil happened Venezuela in the coming years. But I don't know whether to consider their act as a selfish one or not. A government holding crypto, will it do good to their citizens? Venezuela already suffering, and with crypto everything is not sure. What if the people would just suffer more? If Venezuela would hold crypto, what they have to do is to plan it very well for them not to lose the only thing they have