Bitcoin Forum

The national Assembly of Venezuela is preparing a reform of the country's Constitution, which provides for the creation of a crypto-currency Central Bank. It will be “the Central Bank" with its functions in exchange, monetary and financial policy, and the Central Bank will be involved.  In Venezuela, from August 20, a new denominated currency will enter into circulation — the Sovereign Bolivar (Bolivar Soberano), tied to the national crypto currency Petro. On Monday, the country's President Nicolas Maduro (Nicolás Maduro) said that the country will begin to operate a new system of wages and prices, also tied to Petro.

Venezuela is in great debt, making the country's economy so badly inflationary. Venezuela establishes cryptocurrency bank will change the current of the country? They need to take better measures instead of releasing their own Crypto.

A new system of wages and prices....much wow.
We had the Bolivar which was a reflection of the Venezuelan economy and backed mostly by oil and now we have this petro which is totally backed by oil and another currency, the Sovereign Bolivar that will be pegged to the petro.

Now, I don't see any reason why since the first thing in this chain is worthless the other two won't be just as worthless.

This whole smoke show will just benefit Maduro and his cronies helping them stash some more millions away like Chavez did and the people in Venezuela will wonder why the sovereign bolivar who is supposed to be 1000x move valuable buys them just a single loaf of bread like the normal bolivar.

I'm afraid this move might just backfire for both Venezuela and cryptocurrencies in general. Launching your own crypto, to salvage your crippled economy does not seem a very sound measure.
Secondly other developed countries, might just see this as a dirty trick to by pass trade laws, thus damaging bitcoin's image.

Who would not say anything here, but what President Maduro in Venezuela is doing will be a good experience for this country and for the whole of the crypto currency. This is practically the only country where the economy is being reformed under the national currency of El Petro.

Unfortunately Venezuela has so bad economic and social situation so I don't see that their own cryptocurrency could help them to solve this.
It's more likely that the aim of this crypto will be some kind of self promotion of president Maduro and some attempt to show the rest of the world how progressive he is. But this will not work.

If Venezuela create a crypto central bank so it will very good news for Venezuelan people.Venezuela will grow their economy from crypto. Venezuelan crypto traders are being happy for this decision. Venezuelan people can exchange their crypto very easy from the bank. I'm also be happy for this reason. speacial thanks President Nicolas Maduro for this good decision.

This is great news for crypto, and the Venezuelan people. Their economy is crashing and the people need something that is decentralised away from government control. Although petro is from the government, they are welcoming crypto and their people can diversify their portfolio with privacy coins

Yeah the IMF might look at this as an attempt to walk out on their debt. I guarantee someone will come in and clamp down on it somehow. Maybe they'll establish a form of tracking system for transactions.

What if Venezuela is a test pilot for the world economy? A crash dummy to see how hard it is to destroy an economy with hyperinflation and massive amounts of debt before "rescuing" it with a new form of currency... one that will, of course, be closely monitored by the government and strictly prohibit any "leakage" in the form of unclaimed income.

This could be the next step towards tighter monetary controls. We have it quite easy right now if you think of it, and the old weapons of devaluation and inflation don't seem to be working so well for governments.

Riiiiiiiight! And look how well the Venezuelans are doing with their regular banks right now. LOL

Maybe they are just looking for a way to get their out of control inflation down from the stratosphere. After all, they can't use paper money any more. It'll take a suitcase filled with fiats to buy milk and bread. It's either electronic payment or go full swing into crypto. Good luck to them.

If they make an open crypto currency, then they highest likely also make a public block explore for all transactions, and then everyone can daily see  have many new coins are added to the blockchain, then we can each day see how fast the inflations goes in Venezuela.

Yeah, but this test would be void if the dummy is already blown apart at a molecular level.

They could have done this monitoring by simply taking out the paper bills and running on plastic cards. Those would be far easier to implement and get used by the average Joe.


Which you acknowledge the petro is not, but you still think is good for the people although this is not what they need. You've made your shitpost, are you happy?


And is not going to help them!!!!
You can't just change your currency and somehow out of the blue jobs appear, the infrastructure is rebuilt and so on.

Look at East Germany, it's been 30 years, it was a country far better than most of the eastern block and although it has united with the west and became a global power, there are still differences.
30 years have not been able to balance and bring the two regions at the same level.
Venezuela has almost a century to come back from!

Those that think adopting a crypto will solve everything are either naive or high on something

The economy of Venezuela has failed to great extent. Despite having the largest petroleum reserve of the world, their President had failed the nation with few thousand percent of inflation rate. That is the reason why it is seeking options to get a solid ground.

Noth8ng much to cheer as if now but if the Bolivar and the national crypto bank of Venezuela can help the economy to reduce the inflation rate, then it will be an interested and strong use case for the rest of the world! But looking at Maduro's history, the chances look grim!

I think that crypto can help these poor countries a lot to make their economics more stable. For example Binance made an exchange for Uganda because they understand the importance of thiw question

Maybe they were already observing Venezuelan economy silently long before it was blown apart. If they are then this test would not be void since they have already gathered a lot of useful data.
Believe me it won't. Cryptocurreny and bitcoin cannot help a poor country pay out a debt unless it is helping them gather a hefty sum of money from taxes of many crypto dealings.

Venezuela has been dealing with an ever-increasing inflation rate, which according to Bloomberg's Cafe con Leche Index is now seeing one cup of coffee cost 2 million bolivars, up from 2300 in th past 12months. The government's moves are presumably being made to hinder its inflation's growth.
The cryptocurrency is seen as a way for the country to draw in foreign investments and bypass international sanctions.

I was very surprised by this news, I also knew that the state of the economy in the country's economy would not be able to make a cryptocurrency bank.
they are too pushy.

capitalism will turn venezuela even further down, there are by now many countries that can economically much weaker because they left socialism. and turned to a chaotic and selfgreedy capitalism.

the problem is that this "cryptocurrency" bank will ultimately create just an elite that will try to centre the countries economy towards themselves and their benefit like the bitcoin lambo miners are already doing.

there is no point of trusting it. it will lie to the people and it will try to abuse them. and with loss of infrastructure venezuelans will become less educated. less lingually unified. and much more chaotic and diverse.

i can't tell whether this is going to end well for Venezuelan government or make things worse. so far they have literary printed a lot of money (Petro) out of thin air and have been "selling" it and making money and with things like this bank/exchange they are making more money but all of this has introduced people more and more to decentralized bitcoin which they also happen to be using now and becoming less reliant on their national currency and corrupted in debt economy.

The conspiracy theory proposed was saying that they would experiment on how a crypto would influence a falling country. So based on that, the experiment is void if the country is blown apart before you manage to introduce a cryptocurrency


So you're saying a lot of socialist states are now worse than before because they applied a policy of chaotic capitalism and this is the capitalism fault.
It's like blaming a chainsaw for malfunctioning after you put maple syrup in the tank.

I come from a former communist/ socialist country, we were so poor everything was in rations, we had power 2/3 of the day, hot water was a miracle beyond the 6th floor....
Please, don't even try to compare real socialism with capitalism, go in a country and experience socialism for 20 years and then talk about it.

I fully agree with you

this news has long been spinning not only in the crypto community, but also in the political market. I think this will create a great practice of how crypto-currency can be used at the state level

this is a great news for the cryptocurrency world. i sincerely hope in years to come we will see all countries accepting and adopting the use of cryptocurrency fully.

Lmao what the hell is going on with Venezuela? Petro isn't even accessible to most of their citizens, with minimum purchase prices (http://www.xinhuanet.com/english/2018-03/29/c_137074307.htm) set at 50 euros for crypto transactions and 1000 euros for bank transfers. They can't even be bought with Bolivars ffs lol. Now they're basically printing that?

I'm not opposing any plans for a crypto central bank, but all this will be is a failed precedent. It may even shine a bad light on crypto. I do hope something works though. Their people don't deserve this.

Wasn't that the ICO requirement?
I heard they are going to install a few thousand paypoints where you can purchase this coin.



Well, Maduro won the election, right?
Those suffering now are the same ones that were cheering Chaves's economic and social revolution.

No, not necessarily. The crypto could be introduced either before, during or after the crisis, but that's not the point. The point is how people react to the crypto, and how willing or hesitant they are to adopt it. It's perception management.

Sure, they could just digitize a currency and try the same thing. But the difference between a digital currency and a crypto comes back to again the perception of the people. No one trusts the government nor the bank right now in Venezuela so they need an alternative. Establish an alternative the operates on the same level as bitcoin (at least to the layman) and they'll abandon the one that doesn't have a government guarantee.

The idea is good but the problem is elsewhere. People there are suffering. Crypto can help for sure,but now they need real goods such as bread, meat and healthcare. Another currency will not save the situation. Indeed, the country has big debts and it is better to satisfy the creditors. The country needs massive reforms. Politicians need to work with the population and to listen to people. They just want a decent life. A cryptocurrency Central Bank is great. It is even innovative. But again, the real needs now are food and healthcare.

They see bitcoin as their saviour when there economy is really down. Venezuela is just thinking of any plan that may help their economy grow. But going this far, I do not see it will have a great impact to their economy.  Well, that's just my opinion since crypto fluctuates.

However, seeing how people in their countru are suffering because of their economic crisis, making the Venezuela into chaos but let us just support them all the way with their plan. Giving them a big hope if this crypto bank will succeed.

I think this news has positive and negative effects

Positif effects is cryptocurrensy will be increasingly known so cryptocurrensy will be increasingly known, make it easier to trade crypto and fiat in that country and many more positif effects

Negatif effects, i just worry crypto will be centralized, means bank control it. this is a very bad effect in my opinion

wow, this is a very good development, and I hope this information can influence the market and make the market a little better.

Venezuela will be able to become an advanced country with crypto, they seriously want to create crypto transactions, they are serious want to bring crypto to the global market.

Central Bank to interfere? No way! Venezuela has some reputation on bank frauds, how can they be sure that the same won't happen to cryptocurrency once the bank starts regulating it. I don't think this is a good idea.

this is a good plan, the Venezuelan government always makes crypto users feel happy, Venezuela dominates to use crypto, public enthusiasm for the crypto world there is huge.

so Venezuela became the fourth country to have the largest crypto trading volume after USA, Russia, and England.

This will be a very interesting development.  If the world powers do not want this Venezuala is going to be attacked.  If they are not attacked and this is allowed to continue then watch closely as the powers that be are releasing their first government coin. 

I don't think it will be a good idea. Cryptocurrency promotes decentralization as based on Blockchain technology. How can a cryptocurrency be centralized, it makes a contradictory position. crypto is not for control but to make the world economy freer.

It will do good if you can add the source of news like this. But Venezuela economy is struggling and for them to aim at creating cryptocurrency is a bad move since they need to concentrate on their failed economy.

If Venezuela makes such a crypto central bank, then it will be a good news for the public. If they do this then Venezuela will be financially secure. Hope the investors will benefit.

That's a great news for our crypto enthusiast friends in Venezuela, as it may help them make their bitcoin transaction so eqsy with the use of banks. And everyone is hoping this type of good news to every place that people makes their life easy by paying transactions of bitcoins through banks. And by this, bitcoin may be lead to popularity and known to some other country that they may accept bitcoin as a legal thing.

Given the level of inflation bolivar in the country, I can not imagine what could save their economy. I hope the active implementation of crypto currency will save their economy and give impetus to the development of this approach throughout the world.

This is a great news again to the crypto lovers. Another country has opened cryptocurrency and we need this amass investors around the world which secure also their investment. This cryptocurrency central bank should also be opened from other countries as well and i it will do good on those crypto lovers who like to store their crypto in a secure way.

Really? I do not think that's possible! Venezuela suffers from crisis and inflation, to buy coffee will require a bag of money. If they are even capable of such a crypto will not be of interest to anyone.

NOBODY would buy or use a Venezuela crypto currency just like NOBODY used the Bolivar or Petro.

The GOVERNMENT stole the people's money there.

They buy bitcoin because it is decentralized and won't trust that government to create another currency.

Actually right now Venezuela is facing really tough time based on economy and this will be very tough to achieve such types of things.

If we think about Venezuela’s market condition I mean economy system then it is not suitable at this moment based on this it will be very hard to achieve such types of things.

If we do look at the condition of Venezuela, economically, it is not at a good place. Honestly, with this condition, it will not be possible for Venezuela to achieve that.

I love what Venezuela is doing, but my problem with the whole thing is; how does a country that cannot pay her debt use her oil barrels to back up her Cryptocurrency? I don't understand how that works.

Great news, I hope other countries will toll the same line soon.

that's actually good news, hopefully realized, but keep in mind don't make bitcoin follow the bank system, because to be honest, the bank system is very detrimental to its customers, for that I hope bitcoin stays on track and doesn't follow the bank system ..

very fast development, I think from the side of crypto growth, Venezuela will compete with some countries such as Japan, USA, Russia, England, and some countries that have good development of bitcoin. until today Venezuela is number 4 seen from the value of crypto trading volume.

this is amazing. the Maduro government will be the most successful government and bring the country to good progress.

This is going to be very interesting to watch.  I will be keeping a close eye on how the central bankers coins do against the peoples coins.  If the masses flock to government and banker coins we truly have no hope left.

Venezuela is in a lot of debt right now, and the economic condition is not good either. For the time being this feat is not possible for them.

The state Venezuela's economy is right now, with the high amounts of debts it is in, it will be unwise if they do create their own crypto as it will be a failed attempt.

I knew this was coming when Venezuelan government announced of having their own crypto to solve their inflation problem. However, having a central bank for crypto and Sovereign Bolivar will just dilute the water right now as the government is trying to solve inflation by centralizing a crypto which is also tied to assets like oil and minerals. The whole move basically makes no sense to me.

Venezuelan government's decision to deal with their inflation has been very arguable at best so far. They have already announced of a cryptocurrency called Petro which is backed by assets which seemed to have minimum potential for solving a problem as big as inflation. Now, having a central bank might just change the inflation to hyperflation as they are also trying to introduce another fiat that is tied to Petro.

This is a very great news. I wish they will succeed with the project and become a reference for crypto in South America

well compare capitalism of russias zarist empire with soviet union, or capitalism of chinese empire with communist china.

in both empires peopel starved. so from a humanist point of view, capitalism can be extremly impoverishing for many.

secondly you miss the point, that without mechanisation of the economy no capitalism in the world can make the absolute collective richer.

you do same excuses. like communists do for communism.

I think it's an interesting decision. Now the Venezuelan economy is in a deep crisis and perhaps it will help to restart the economy.

Though it seemed like Petro had a chance of solving Venezuela's inflation problems but the recent moves made by the government was very questionable and they might have just caused the biggest mistake by introducing Bolivar Soberano which is tied to Petro and being controlled by their national bank. Venezuelan people have already moved to using Bitcoin as their own national crypto and the government have failed them.

Exactly this, who is interested in a centralized crypto by scammers? Nobody.

I believe that the more states, it will start to pass laws that bitcoins claim in the real system. The sooner it will acquire mass character and need throughout the world.

If this news is true its a very good news for cryptocurrency. Venezuela people can take advantage of cryptocurrency. They should start so many business. This step should follow other country and give the opportunity for their community.

Bad economic and social situations make me pessimistic that their own cryptocurrency can help them in solving this problem. Perhaps that this crypto goal will be a kind of self-promotion from president Maduro and several attempts to show the whole world how progressive he is.

This is incredible news for crypto and the Venezuelan individuals. Their economy is slamming and the general population requires something that is decentralized far from government control. Despite the fact that petro is from the administration, they are inviting crypto and their kin can broaden their portfolio with security coins.

Venezuela is the world example for the necessity of cryptocurrency adoption how the country get adopted cryptocurrency  after hyperinflated currency failure of fiat currency Venezuela is right example

The Venezuelan Government just simply gave up on their own Fiat Currency, which the last organization you expect to do so in a country. Just by simply creating another cryptocurrecy after Petro says so a lot and most importantly linking it to their Central Bank means that they don't see the Bolivar as their legal tender anymore. The country is heavily in debt and thinking that addding another new cryptocurrency will boost there economy they are wrong about it, with this cryptocurrencies being a reflection of Venezuela it will only give them just wild pump and dumps (they might be also the ones who are playing the prices) and not a stable growth they are hoping for.

The economy of Venezuela has neglected to an awesome degree. Notwithstanding having the biggest petroleum holder of the world, their President had fizzled the country with a couple of thousand percent of expansion rate. That is the motivation behind why it is looking for alternatives to get a strong ground.

Having a cryptocurrency central bank in form of an exchange is really a good thing. I think every country should have this.

Well ... how can you imagine this?
Centralized crypto bank ... seriously?
In this phrase alone there is already a contradiction. In fact, this is an attempt to control what, in the end, can not be controlled in any way. So nothing good from this venture should not wait anyway. This event (even if implemented) will not bring the market a crypto anything good

The financial condition of Venezuela is not very good. In this condition launching a new cryptocurrency of themselves is not a very good idea I think. This decision might hamper both Venezuela and crypto market.

Venezuela might think that their new cryptocurrency may improve their economy to a great extent. But in reality it may get worse. Launching a new crypto in a bad financial condition is not a good idea. If this fails, cryptocurrency will get a bad image in the world. And also Venezuela economy may collapse.

Launching their own cryptocurrency in a bad economic condition is not a good idea to me. I think this decision may damage the crypto market and also their economy. If they had a good economical situation, this decision may worked out.

It doesn't seem like a good decision to me. They are releasing their own cryptocurrency. It looks like only Maduro will be benefitted by this. Don't know what is going to happen, just hoping for the best.

I think that instead of setting up a central bank for electronic money, they should set up transactional and archival stations. Normally the central bank will be the place to release the currency, so what will the central bank do when it can not make itself a BTC or ETH. If they release a new crypto to people in Venezuela can use and switch over to ETH and BTC, it is not yet certain that people will use it extensively, because they also deal with many other countries. I do not think this is a good idea. It would be better if this was a reserve center.

At this point, anything is worth trying for the struggling nation. I hope this one works. Cryptocurrency saving a country would make a great headline.

Why do they need own cryptocurrency? I am really confused about this fact. Maybe it is some economical trick for own benefit. I think petro was enough for them as national cryptocurrency.

Cryptocurrency has high rate of fluctuation. I can not understand how a new volatile currency can improve their economic situation. I think it can be worse for their economic problems.

It will be great if Venezuela adopts cryptocurrency. One day cryptocurrency will be the leading and common currency of the world and now we are watching the economically strong countries are looking forward on cryptocurrency.

Venezuela should step forward thinking about their economic condition. So they really should think about cryptocurrency. It will be great decision to make the cryptocurrency more official as their currency is going to be valueless.

Venezuela has been in crisis since 2014, due to sluggish oil prices and weak economic management. The Venezuelan inflation this year has risen more than 32,700%, the International Monetary Fund (IMF) with Germany in 1923 and Zimbabwe in the late 2000s. I think this country will produce Altcoins like Petro PTR) of Venezuela was successfully sold. Many South American countries can learn this way to escape the economic crisis.

I don’t know it will be helpful for them or not as their economic condition is too much vulnerable now. Their currency is going to be valueless. I hope they can overcome it with cryptocurrency.

Since petro will be built upon existing Infrastructure, it will be leveraging on existing crypto technology, rather than starting from scratch with its own bespoke exchange platform. It will be a welcome development for the country to give a trial.

this is great news. it goes to show bitcoin is gainning more ground. i believe in the coming years, we will see bitcoin grow from strength to strength as it has so much potentials. bitcoin banks will spring up soon, lets keep hoping for the best

It’s a great step taken by Venezuela. The economic condition of Venezuela is not going on right now. I think it will help them to change the economic condition.

Cryptocurrency will help them to come over the current crisis that is going on in Venezuela. Cryptocurrency is the best currency to make the transaction as well as to do everything that we do by using traditional currency.

Venezuela has taken a right decision to come over the current situation. Cryptocurrency is better than any other currency system. Venezuelans will be able to come over their problem by using this.

Venezuela's National Assembly is preparing a reform of the country's Constitution, by which provides for the creation of a crypto-currency Central Bank.

We had the Bolivar which was a reflection of the Venezuelan economy and backed mostly by oil and now we have this petro which is totally backed by oil and another currency, the Sovereign Bolivar that will be pegged to the petro.

You have some mistakes in your terms:

1. It's the illegal "Constituent national assembly": They are illegally constituted, not following the right steps stated in the current constitution - Which job should be to redact a new constitution but they are doing everything they want to do except that. It's about time they put their name to use and redact the constitution.

2. Petro is NOT a Cryptocurrency: It is only a virtual currency with the image of a coin. Not following the basic principles for Cryptocurrencies to really become one. The person who made it of course knew it, no idea why some people just decides to help dictators who starve their own people.

3. Nicolas Maduro is not a President: He is a dictator. If you research a bit you will see that a lot of countries are not recognizing him and he is right now occupying the spot ilegally, endorsed by Cuba.

Calling a regular virtual currency Cryptocurrency which is supposedly backed by their oil reserves within an oil company who is falling apart and literally destroying itself, making them sell a good part to Russia and China borrowing a lot of money they can't pay means that the 5 digit inflation rate will get a lot bigger in the next weeks and especially after that measurement is taken.

If they make an open cryptocurrency, then they highest likely also make a public block explore for all transactions, and then everyone can daily see have many new coins are added to the blockchain.

Venezuela is taking great step thinking ahead for their economy. It is true that Crypto is the future of currency and in a world where rich countries control world economy thinking of a crypto and use it will be a great advantage

News has proliferated from Venezuela in recent days, the economy has deteriorated very dramatically, I do not know if cryptocurrency can help in this  or not

It seems to me that it is the first time that a mature president sticks with the cryptocurrency can regulate the imflacion and can give a respite to the Venezuelan people and creates an incentive to national and international investment is seen that there is more movement in the economy and If there is a bank of cryptocurrencies even better for the traders is going to do something spectacular I think that this way the economy is being liberated and opening the markets what is going to do that the economy flutters in a normal way since that country has it covered the imflation is a jump towards the future and I think it is the first supported currency a palpable asset that exists and that is very demanded in the world oil first country that applies a cryptocurrency in a state I think that from here will leave for the whole world good luck to Venezuela

It seems venezuela will do anything to escape hyperinflation and debt, even with illegal way.
As for petro, i don't have many information about it and also i can't access its block explorer. then it is not cryptocurrency because it is very centralized

The economic condition of Venezuela is not well. They are suffering from a enormous amount of debt. So working with Crypto and making it more official currency may be a good decision as their own currency is not much valuable

I am still very much skeptical about the various cryptocurrency news from Venezuela. Although, I laud the enthusiasm of the government in supporting cryptocurrency, I hope it doesn't affect the economy in anyway through price imposition.

I am not sure how much it will help the currency and economic state of Venezuela. They are now in a very bad economic condition so I believe petro wouldn’t survive comparing their price and dollar price of crypto

Venezuela is going through too much inflation rate. I think it will take more than a cryptocurrency central bank to solve this problem. They need to find a way to pay all the debts and be more productive.

A central cryptocurrency bank may help them to build a better payment system but it may not help them about the current inflation they are going through. They need to take productive measures to build economic values.

I cannot say for sure whether it is going to help their current economic condition or not. Well it might be considered as a better payment system but I don’t think it will help them grow their economic value.

I am not sure if it will be a good idea or not cause turn it in to bank will change its whole concept of trading , business system of bank and crypto both is not similar to each other so if we try to mix up this two thing then it could cause a serious mess

it is a very good news for cryptocurrency. if venezuela start in crypto they should improve their economy chart. it is very good decision for venezuela and it's also a good sign for crypto. its future are good.

It turns out that soon the world can see the first cryptocurrency bank, which people can use without any obstacles. This is very good news.

this is very good news for cryptocurrency. venezuela are starting now cryptocurrency. there are more portable to improve in crypto and change their economy graph.it is very good sign for crypto.

venezuela are start now cryptocurrency. it is a very good decision for venezuela. it will effective for venezuela economy. it is a good sign for cryptocurrency. its future are more bright.

That is a good and wise move of the government of venezuela to create a cryptocurrency central bank, its a good news for cryptocurrency, for us, and especially for zenezuela economy, what a great news.

I think president Maduro in Venezuela is deed will be a decent experience for this country and for the entire of the crypto currency. It’s virtually the only some country where the economy is being rehabilitated under the state currency of El Petro.

Wow, to be honest i was shocked by the this news. I think venezuela already stealing the first movement to make their own cryptocurrency. Its a great progress i think, but im not sure it could be as big as bitcoin or other altcoin.

Venezuela is in terrible inflation and they have been trending on the web for weeks.

Their interest to cryptocurrency has increased to solve that inflation problem but that crypto has been already right? is that the petro? If they are still planning to make a crypto central bank that will make no sense as its going to be centralized.

Venezuela's actions in the field of cryptocurrency have been frequent and ahead!
They hope to help Venezuela through economic difficulties in this way, but it does not seem to have achieved the desired results!

i think this is the great step for Venezuelan government. we all know venezuela are not enough rich economically. This is a step to make their economic status stable.

A country in great debt = central bank in default = central bank backed crypto = no backing?

That is great news for sure. i want to give thanks to the venezuelan government to give such an opportunity to the cryptocurrency. Hope the currency of the venezuela might be change.

Happy news. The more countries will recognize the crypto currency at the legislative level. The sooner it will take a leading place and, most importantly, mass distribution.

this news maybe inspire to that country which are economically weak. They give cryptocurrency a chance which make their currency more strong. In near future i believe we will saw a huge change in venezuela currency.

Although it will be difficult for Venezuela to be effective this decision, but hopefully it will be possible. Though, if such a decision is made, then it will do best for Venezuelan investors as well as other Venezuelan.

A good news for the people of Venezuela. Hopefully they'll benefit from this decision. However, with the domestic cryptocurrency getting prosper is hard they should be given more attention in international investments.

Good idea. Awareness and understanding of the potential impact of emerging technologies are critical to the success in today’s rapidly changing business environment.

I can't help suspecting that it is the first occasion when that a develop president stays with the cryptocurrency can control the inflacion and can give a reprieve to the Venezuelan individuals and makes a motivator to national and worldwide speculation is seen that there is greater development in the economy and If there is a bank of cryptographic forms of money shockingly better for the traders will accomplish something dynamite I surmise that thusly the economy is being freed and opening the markets what will do that the economy vacillates regularly since that nation has it secured the expansion is a bounce towards the future and I think it is the main upheld cash a substantial resource that exists and that is exceptionally requested on the planet oil first nation that applies a cryptocurrency in a state I believe that from here will leave for the entire world good fortunes to Venezuela

Venezuela has been in a difficult economic situation for a long time and is trying to get out of it with all its might. If they successfully develop crypto-financial system and can benefit from it, they will forever go down in the history of mankind. But it will be very difficult for this country, because they have bad relationship with incredibly powerful people.

Venezuela is reportedly looking to lunch a central bank for cryptocurrencies, as the country’s National Constituent Assembly is preparing to reform the Venezuelan Constitution to include it, along with a court above its Supreme Court.