Bitcoin Forum

President Nicholas Maduro ordered the issuance of the Venezuela's national cryptocurrency. Whitepaper to be released on January 14. What do you think about this? How will it impact on the cryptocurrency world?

The main question will this currency decentralized or not.
Its not first national cryptocurrency, and in the future i think we seen more

It will be decentrelized?

Can many countries join with it?

I don't think so. It depend to the people if they patronize this coin.
The advantage of this a state sponsored so he can order the citizen to patronize their coin.
Venezuela need more money for their dying economy so this one I think is one of their government interim measure.

It depends. Will they be able to "print" unlimited amounts of new coins and thus be able to inflate its value like they do with paper money?
I think no-one will be interested if that is possible.

No impact to crypto world, except that other cryptocoins will probably become more easily accepted.

I just heard that the parliament of Venezuela rejected the El Petro project. Experts say it will destabilize country's economics even more. Looks like there is some democracy and Maduro is not the only king in the country.

 Just ditch the socialism and let foreign investors back.. god... They're going to ruin this as well, they're going to distribute it according to current people wealth and everything will remain bad as it is. They don't need crypto, they need to change the major problem that got the m into this mess.


No wonder, nothing would've change at all, that wouldn't be the solution. They're trying to keep the socialistic regime on while trying to implement something that's would be the complete opposite of it.

I think it's gonna be great, nations will see how powerfull the crypto currencies can be and they will soon start adopting it, I think this is a great start.

I think it will be better for the crypto world, and I will wait for him to participate in enlivening the coming of the new krypto in order to be more advanced and successful.

there is no question in my opinion. because i can not see how a currency (crypto or physical) can be decentralized. they are releasing their own national cryptocurrency to be in control of what people are using just like they have always been in control of the fiat and its printing.

been hearing that a lot but still can't totally get it , do you guys have any official source for that or at least an explanation
I'm still confused about it , like can non Venezuelans also get that coin and how can it be traded ??

AFAIK in Venezuela it's so hard to move your money outside the country , so that will give the citizens a legal way to send their money out of Venezuela  ???
so not sure how they will adopt a crypto currency , probably I'm miss understanding it   

It's an interesting move, should they follow through. It's definitely going to be centrally issued, the other question on my mind is whether this is going to be a public or a private blockchain.

If they make it a public blockchain and Petro gets traded alongside other alts... things could get really messy for Venezuela, because they will make themselves a prime target for market manipulation -- or actively take part in it themselves. Either way it will be interesting to see what happens, but right now I think this move will be merely a footnote in the history of crypto.

According to the latest data the deputies of the National Assembly of Venezuela unanimously voted against the release of the "nationally supported" national cryptocurrency El Petro.

Its a good news if it is not decentralized. If its true then the future of cryptocurrency is bright.

I don't know much about Venezuela. whether they have a big share in the crypto market. but one thing we have to give appreciation. I think, this is a great start to legalize crypto in Venezuela. and surely there will be many countries that see and may follow in the footsteps of what they do.

Here today and gone tomorrow.

“The Canadian government has announced that it will end its MintChip electronic payment system, and that it will look to sell the business to the private sector.

Announced in 2012, MintChip was a digital payment mechanism meant to function as an electronic cash that could be transferred between users.”

Bye bye MintChip, hello VenezuelaChip.

if the coin uses blockchain technology, does the government also intervene in regulating the expenditure of the coin?

If a specific state produces a crypto currency, such a coin can not be decentralized. Here, most likely, it is necessary to take into account the conditions under which such a centralized coin will go. Depending on this, it will be the attitude of both its citizens and the world community. We do not have many examples of the functioning of the national crypto currency, and we still need this experience. Therefore, such a decision of the Government of Venezuela is yet to be welcomed.

good idea, but I doubt the government can get him into jail. After all, we're talking about a government that has been accused of corruption, ect. which is not reassuring.

It's interesting news.. Definitely it might impact, because it promotes popularity of cryptocurrencies on the government level. So maybe more simple people will try it and will trust in it. Well, let's see what'll happen and changes after 14th january, it's soon

very intesting follow this coin to see if goes good or not

Isn't Maduro trying to bypass sanctions on oil exports. One Petro equals one barrel of oil, but it doesn't seem clear that you can take physical delivery. He has to do something, as he doesn't have enough paper to print any moreBolivars. :)

It's a good thing for crypto currency industry besides it's quite impossible for us to have only one currency like bitcoin because of the problem with supply I think it would be a good thing if countries would just launch their own national currency while putting bitcoin on the top like dollars which is acceptable around the world at least those national currencies can still be converted online into bitcoin

I think it's great that governments are keying in. This was predicted last from last year We'll see more governments accent to it. It will help drive the growth and awareness of cryptocurrencies