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Author Topic: 16 Cryptocurrency Exchanges Get Approval to Launch in Venezuela  (Read 113 times)
bobo012
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May 02, 2018, 07:33:38 PM
 #21

It is so weird, on one hand they were busting miners, and then they issue their ico, and now are allowing exchanges. Crypto is undermining their central banking system. It is all weird to me

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May 02, 2018, 07:54:15 PM
 #22


What implications can this step have on Venezuelan economy being the economy with highest inflation rate and simultaneously what does this mean to cryptocurrency world wide?
Venezuela means nothing to cryptocurrency world. It is the republic with extremely low standards of living, constant revolutions and frustrated population which is frequently unable to buy a slice of bread.
I wonder why they need those cryptocurrencies if they still have problems with the fiat money and their economics in general? There are not as many rich people as in other countries, so I wouldn't expect Venezuela to be a serious player on the market.

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May 02, 2018, 08:04:31 PM
 #23

Venezuelan President Nicolas Maduro has reportedly approved the ‎registration of 16 cryptocurrency exchanges in the country, months after ‎introducing regulations for ‎the emerging space.
What implications can this step have on Venezuelan economy being the economy with highest inflation rate and simultaneously what does this mean to cryptocurrency world wide?
So basically they regulated the cryptocurrency simply because they wanted to trade their government backed coin, it is a good initiative by the government to promote their petro coin and it will have an implication in the world market because they are moving away from dollars and the monopoly to sell oil changes and in turn it might boost their economy.

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May 02, 2018, 08:17:43 PM
 #24

I agree with everyone else lol, Venezuela is just trying to save their failing gov / economy by turning to crypto en masse. It's like one big scam, I guess. People send tokens over, Venezuela suddenly shuts down their operations and keeps the $$$.

But I can't blame them. You have Brazil defaulting on Venezuelan loans that they're not paying. So the Venezuelan gov is actually missing revenue and funding from countries that are screwing them over.

I think crypto can save them... if they don't scam anyone.

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HabBear
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May 03, 2018, 02:59:01 AM
 #25

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.

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May 07, 2018, 12:05:51 PM
 #26

Good news for crypto traders of Venezuela.
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