Venezuela to launch 'Petro' cryptocurrency

[DustyRah]

Maduro to avoid the financial harassment from US and such has announced a crypto currency for Venezuela. Not exactly sure how this will make it any better then the currency they already have in a free fall. Can release of 'Petro' really help Venezuela?

https://www.reuters.com/article/us-venezuela-economy/enter-the-petro-venezuela-to-launch-oil-backed-cryptocurrency-idUSKBN1DX0SQ

[Bibimboop]

I doubt it can do anything to help. The article doesn't talk about details so it's hard to say...

[Don Pedro Dinero]

Help the country? It will be something similar to their current currency, inflationary and with an unrealistic official rate of exchange. People having money will still want to get dollars, euros or bitcoins.

[gentlemand]

Well, they say criminals, pornographers and drug dealers are always the first to make the use of pioneering technologies so it's a natural fit.

If they get it right they may even be on to something. The world's biggest oil reserves are certainly worth something when it comes to backing.

[merchantofzeny]

Well, they say criminals, pornographers and drug dealers are always the first to make the use of pioneering technologies so it's a natural fit.

If they get it right they may even be on to something. The world's biggest oil reserves are certainly worth something when it comes to backing.

True but I wonder how this would work out. I mean, is it possible to "cash out" you crypto for oil, gold or diamond. I checked the link and that's what he is promising to back up his coin.

It somehow reminded me that once upon a time, our paper fiat used to be backed by gold.

[chukaday]

I feel like this is going to help those who already have power and are corrupt in Venezuela but in no way is this going to help the average citizen there. They don't seem like they are in the people caring business and I doubt this move is any different. It sucks but if I lived there I wouldn't believe or trust this coin and would keep my money in BTC or another altcoin.

[jwrent34]

I wonder if they will launch and ICO lol. It could work nicely though. Its an experiment for us to see. It might succeed and that would be wonderful for the entire of crypto.

[tweetbit]

I have heard news related to Venezuela’s move to cryptocurrency after the problem they’re facing economically. It’s hard to tell from now if that works perfectly good to them invidually or a nation. This “Petro” cryptocurrency won’t work if they make they’re own, it is better for them if they do stick to bitcoin.

[cryptonomics_dealer]

Good news. Global money start their evolution to cryptomoney. Story about Venezuela's Peter is a good chance to see how it works. I mean, to see how govermental centralized cryptocurrencies work.

[FaithETH]

Instead of actually gather support from the Venezuelan population they will spend government funds to launch a cryptocurrency? I mean, granted cryptocurrencies are the way of the future, but to be quite honest this isn't something that will help them.

[gorot]

It's interesting, how the other world will work with Venezuela and their crypto. And how the Venezuela's goverment and cityzens gonna use it. But I'm not sure, that Maduro's words become reality.

[yoseph]

Maduro to avoid the financial harassment from US and such has announced a crypto currency for Venezuela. Not exactly sure how this will make it any better then the currency they already have in a free fall. Can release of 'Petro' really help Venezuela?

https://www.reuters.com/article/us-venezuela-economy/enter-the-petro-venezuela-to-launch-oil-backed-cryptocurrency-idUSKBN1DX0SQ

I really don't understand,  after a huge crackdown on the people who have been mining bitcoins in the country just because they fear that it's going to devalue their currency, I really don't know they are going to launch their very own cryptocurrency,  I am sure other countries are going to start doing the same as well.

[Beerwizzard]

Maduro to avoid the financial harassment from US and such has announced a crypto currency for Venezuela. Not exactly sure how this will make it any better then the currency they already have in a free fall. Can release of 'Petro' really help Venezuela?

https://www.reuters.com/article/us-venezuela-economy/enter-the-petro-venezuela-to-launch-oil-backed-cryptocurrency-idUSKBN1DX0SQ

Their situation is complicated af. They should develop the whole complex of movements they should perform to liberalize the country (imho thats the only way out for their economy). A free traded cryptocoin might be a good thing (why not? it won't make the things worse) but it won't really help Venezuela.

It will be something similar to their current currency, inflationary and with an unrealistic official rate of exchange.

Unlike bolivar petro won't be able to fall under 1 satoshi   thats an important difference.

[fiulpro]

Well they do want a break from bank bureaucracy and the paper money and want to free themselves from the financial blockade that they are facing.

Well its backed by the oil and also the government is going to regulate it by establishing a centralized authority to regulate it.

Thus its Centralized and backed up by oil.. 2 reasons that its going to be better than other cryptocurrencies as the government won't allow their value to fall any short.

Well venezuela is famous for the weird things that it did in the past like asking people to eat rabbits ' it has always made bad decisions about their money with oil thus I think this time.. with so mang cryptocurrency in the market they won't be able to.compete with them even after their cryptocurrency has an advantage over others.

[Siren]

Maduro to avoid the financial harassment from US and such has announced a crypto currency for Venezuela. Not exactly sure how this will make it any better then the currency they already have in a free fall. Can release of 'Petro' really help Venezuela?

https://www.reuters.com/article/us-venezuela-economy/enter-the-petro-venezuela-to-launch-oil-backed-cryptocurrency-idUSKBN1DX0SQ

Nope. This is just a cover from the economic woes that this country is currently facing. Why not he just step down? Venezuelans had already turn into bitcoin mining as their main source of income and even getting basic needs outside of the country through bitcoin? And every crypto issued by the government didn't succeed because no one want's something that is regulated. Sooner or later their will be no tax exemptions.

[Isaak Bitcoin]

Ambiguous decision, how in a poor country will people be credited with crypto currency? How can this really help the economy? It seems to me that Venezuela has run out of paper for printing cash.

[mapie88]

Centralized cryptos are bound to fail, let alone a Venezuelan one... In my opinion Maduro & co. don't know the first thing about cryptocurrencies and their economy. They see it as an opportunity to grab some cash, since Bitcoin is very popular in the country after the big failure of the Bolivar, and thanks to the cheap energy. After attempting a crackdown on Bitcoin miners, the government want to join the crypto party but in my opinion they are just going to create more mess.

[damberg]

I doubt that the new "Petro" crypto would help Venezuelan people. It is resource-oriented economy with highly undervalued currency. Some people in Venezuela might pay little amounts with this Petro but there are not conditions for nation wide adoption. 

Dollarization is still in the game for such countries.

[MoKenyanCrypto]

Even though its chances of not working are high its a good start of conversation on whether govt can succeed in crypto community and whether they will allow decentralization of services leaving them out of the loot of people taxes

[longyenthanh]

In my opinion, I do not think it would help them. But I'm curious what will come of it.