It is very clear that Maduro has approved 16 exchanges to open soon so that their ever beloved Petro can be listed and can be trade locally or globally.
This sounds like a fair trade off. Why should Maduro not be allowed to have his government back crypto on the exchanges? The only problem is if they restrict other mainstream cryptocurrencies from also being traded.
As for the implications on their economy, I don't see anything will change or even improved their financial status even if they open up exchanges. As long as he is the sitting? President, the country will suffer. The only good thing though is that the population can have something to hedge their money. But what I'm afraid of is that how secure those exchanges are, I'm sure that there will be a lot of money flowing and the possibility of hackers targeting them are extremely high that might result on more sufferings if that happens.
Nah, expanding competition always helps the consumer, the people! This won't be a "cure all" move but it's a step in a great direction. If people are invested int he Petro and the Petro starts to waver or Maduro starts to manipulate it they can easily jump to Bitcoin or another non-government backed crypto option.
This news provides new liquidity to a market that desperately needs it.
