HUGE News: President of Venezuela drops petrodollar, unveils official crypto.

[cellard]

https://www.youtube.com/watch?v=CdtXu2CmEiI

This is pretty huge news. And yes, this is is not a fake, this is the real footage:

https://www.youtube.com/watch?v=EUNLSBtdFZY

It's in spanish, unfortunately there are no subtitles. Someone could add them? Im sure a video with subtitles would get a lot of views in the coming hours.

Apparently, it the cryptocurrency will be backed by their own petrol reserves, thus ditching the "petrodollar" to have their own dollar backed cryptocurrency.

Fascinating times to live in. I wonder how this would develop. If someone has more details post below, including a translated video.

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[OROBTC]

https://www.youtube.com/watch?v=CdtXu2CmEiI

This is pretty huge news. And yes, this is is not a fake, this is the real footage:

https://www.youtube.com/watch?v=EUNLSBtdFZY

It's in spanish, unfortunately there are no subtitles. Someone could add them? Im sure a video with subtitles would get a lot of views in the coming hours.

Apparently, it the cryptocurrency will be backed by their own petrol reserves, thus ditching the "petrodollar" to have their own dollar backed cryptocurrency.

Fascinating times to live in. I wonder how this would develop. If someone has more details post below, including a translated video.

Even were the Petro price ZERO, I would be inclined to short it.

Anyone believing a word that Ratbag Maduro says obviously knows nothing of him and Venezuela’s current plight, brought on by thieves Chavez and Maduro.

“Secured” by Venezuela’s oil, LOL....

[davis196]

https://www.youtube.com/watch?v=CdtXu2CmEiI

This is pretty huge news. And yes, this is is not a fake, this is the real footage:

https://www.youtube.com/watch?v=EUNLSBtdFZY

It's in spanish, unfortunately there are no subtitles. Someone could add them? Im sure a video with subtitles would get a lot of views in the coming hours.

Apparently, it the cryptocurrency will be backed by their own petrol reserves, thus ditching the "petrodollar" to have their own dollar backed cryptocurrency.

Fascinating times to live in. I wonder how this would develop. If someone has more details post below, including a translated video.

This can only make me laugh.If this "cryptocurrency" is backed by oil and i own come coins,could i exchange them for oil?I really doubt this.The communsts in the government of Venezuela are desperate and want to create a government backed ponzi scheme to cheat the people of Venezuela,they want to get money by selling promises.This is the oldest method to scam the people.

[arpon11]

This is the first country that adopted crypto coin as the official currency and we expect more to come as it seemed crypto is the future of money from this act. Blockchain technology is the greatest discovery after Internet and the early our financial sectors adopt it the better for them as it seeing our system of financial is no longer acceptable to the populace and that is why people prefer using bitcoin as a mode of payment because it is a peer to peer transactions and it is fast than our banking systems.

[cellard]

https://www.youtube.com/watch?v=CdtXu2CmEiI

This is pretty huge news. And yes, this is is not a fake, this is the real footage:

https://www.youtube.com/watch?v=EUNLSBtdFZY

It's in spanish, unfortunately there are no subtitles. Someone could add them? Im sure a video with subtitles would get a lot of views in the coming hours.

Apparently, it the cryptocurrency will be backed by their own petrol reserves, thus ditching the "petrodollar" to have their own dollar backed cryptocurrency.

Fascinating times to live in. I wonder how this would develop. If someone has more details post below, including a translated video.

Even were the Petro price ZERO, I would be inclined to short it.

Anyone believing a word that Ratbag Maduro says obviously knows nothing of him and Venezuela’s current plight, brought on by thieves Chavez and Maduro.

“Secured” by Venezuela’s oil, LOL....

Don't get me wrong, I know it will most likely be a trainwreck, since the management skills of the Venezuelan government aren't what you would call too bright.

But it's still an interesting to see happening, you are going to see this talked about pretty much worldwide now, and it will put the topic of cryptocurrencies into the mainstream media, and this is always good, even if the news aren't positive or directly have to do with bitcoin.

Case in point, I discovered bitcoin because back then I saw it on the news, they were saying it was used by terrorists, I did some research on the internet and found this forum and I realized how mainstream media was clueless.

If these news can help just 1 person to find bitcoin and do his own research, then it's a positive.

[Bamselk]

The Venezuelan government is generally not regarded as trustworthy.  This shouldn't change just because they're creating something related to cryptocurrency.

Considering that it's very hard to make a decentralised cryptocurrency backed centrally by an asset, I imagine that this will be centralised and not necessarily in BTC users' interests.

[shaun98]

I feel like Venezuela is just introducing its own crypto to try to stop its citizens from using other cryptocurrencies like Bitcoin and Monero. Wonder how long it will last.