Topic: Venezuela's growing interest in bitcoin explained - page 2. (Read 241 times)

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Venezuela, the country with the highest inflation rate in the world, with a non-existence decentralize currency, has struggled to obtain cash to finance their daily needs leading to starvation of the general population.
The socialist nation saw a fall in oil prices, throwing the entire economy into disorder. Experts predict that Venezuelan's inflation could go as high as 1,600%.
No wonder the awareness of Venezuelans in the consequences of government-funded and supported banking and financial systems. There's an arguable irresponsible monopoly in charge of their currency where a bright solution comes in a digital form.
Bitcoin has gradually changed the mindset of the global population, and Venezuelans are the ones who could benefit directly with the ability to gain control of their money and obtain financial freedom from their government.
The rising demand and interest in bitcoin in Venezuela also make the possibility of the replacement of national currency with a digital store of value, that's where "Petro" came to play.
Petro, here's the Wikipedia definition "Announced in December 2017, it is claimed to be backed by the country's oil and mineral reserves, and it is intended to supplement Venezuela's plummeting bolívar fuerte currency, purportedly as a means of circumventing U.S. sanctions and accessing international financing."
(the entire link: https://en.wikipedia.org/wiki/Petro_(cryptocurrency)

Petro has been everywhere on state TV and government-run social media, promoting its benefits. There's even a catchy Twitter hashtag #PetroParaVencer, (“Petro to conquer”) which has been regularly used by politicians and government Twitter accounts.

Ok, so what has happened with Petro so far?
Declared as unconstitutional, one of Venezuela's two opposing lawmaking bodies using hard rhetoric has denounced the project as not only a fraud but a threat to potential investors.

What's next for Venezuela? The same body declared: "This deepens the crisis that we are living in. The PTR is another [example] of corruption, and we will come out of this crisis with measures that we have announced from this Parliament."

What's your view on Venezuela's faith?