Venezuela Wants to Launch a Central Bank for Cryptocurrencies

[BitcoinArsenal]

After the blockchain-based Crypto Petro Dollar, the Venezuelan government probably has a new idea to get foreign currency into the country. It wants to set up and build up a central bank for cryptocurrencies. Another crazy idea or does the idea have potential?

For more details read this article on CCN.

[Ucy]

Excerpt from ccn dot com:

“There will be the Central Bank with its functions in exchange, monetary and financial policy and the Central Bank will be incorporated.”
https://www.ccn.com/venezuela-looking-to-launch-a-central-bank-for-cryptocurrencies/

Politicians won't stop being funny.
The government is basically trying to Centralize Cryptocurrencies it wishes to control.
It is probably an attempt to get rid of transparency and other important features of decentralized Cryptocurrency in order to manipulate the Cryptocurrencies as they wish and possibly destroy them like the national fiat that currently has no value.

[Aveatrex]

Excerpt from ccn dot com:

“There will be the Central Bank with its functions in exchange, monetary and financial policy and the Central Bank will be incorporated.”
https://www.ccn.com/venezuela-looking-to-launch-a-central-bank-for-cryptocurrencies/

Politicians won't stop being funny.
The government is basically trying to Centralize Cryptocurrencies it wishes to control.
It is probably an attempt to get rid of transparency and other important features of decentralized Cryptocurrency in order to manipulate the Cryptocurrencies as they wish and possibly destroy them like the national fiat that currently has no value.

Not necessarily,Venezuela is known for it's current inflation crisis.It may be just a legit step to fight against their problem by generalizing the use of cryptocurrencies.I mean,yeah it may destroy decentralization at some point,but they don't have much of choice actually.

[omfg.xekcep]

As far as I know, unfortunately in the current moment of time Venezuela is in a deep hole I mean that the economic situation in the country are awful. I read some articles about Venezuela and how I understood Venezuela faced with much economic and financial troubles. I suppose that ideas and the statement about having an intention of founding the central bank for cryptocurrencies  is an attempt to change the situation in the better way. I am absolutely sure that the officials have made a research about the benefits of founding the central crypto bank and, of course, there are the objective reasons this bank will be helpful for solving various troubles. By the way I also remember that Iran intended to start using the national cryptocurrency.
Anyway I consider that this news are very positive for us and for the entire crypto market because not only retail and institutional investors invest in the crypto technologies but even some countries are ready to begin using cryptocurrencies. It is very good because any additional attention is useful because it attracts new traders, investors, developers and so on.

[DeepestOnion]

After the blockchain-based Crypto Petro Dollar, the Venezuelan government probably has a new idea to get foreign currency into the country. It wants to set up and build up a central bank for cryptocurrencies. Another crazy idea or does the idea have potential?

For more details read this article on CCN.

But is there any information about the destiny of the Petro? What is happening with that Petro? Where is it traded? What is it used for? How has bought it?

[tomahawk9]

They just keep coming up with awful ideas which will most likely end up being failures. First, the Petro, a cryptocurrency that no one uses, has no legitimacy, and was clasified as a "scam" by a lot crypto sites ^[1], and now a central back for cryptos? Terrible idea.

Another crazy idea or does the idea have potential?

Do you even need to ask that question?

A country that's going through its worst economic crisis in its history, with a dictatoship that doesn't care the hyperinflation might reach 1 million percent by the of the year ^[2], wants to create a central bank for cryptocurrencies (which is the last thing cryptos want, a central bank system) because the govt wants to have more control over its citizens...No, I don't think this idea has potential.

Tbh, a central back for cryptos is the last thing the citizens of Venezuela need, they need food, electricty, medicines, etc.

1. https://www.bloomberg.com/news/articles/2018-04-03/crypto-rating-sites-are-already-calling-venezuela-s-petro-a-scam 
2. https://www.theguardian.com/world/2018/jul/24/venezuela-inflation-million-percent-imf-warning

[magneto]

After the blockchain-based Crypto Petro Dollar, the Venezuelan government probably has a new idea to get foreign currency into the country. It wants to set up and build up a central bank for cryptocurrencies. Another crazy idea or does the idea have potential?

For more details read this article on CCN.

What potential does this have?

At best, this is just going to be one of countless other government plans to centrally control cryptocurrency issuance within their country. Basically, it's fiat 2.0, and instead of it being printed on paper, it's just going to be stored, operated, and managed by the government on a blockchain. Essentially even more control over the economy and money supply by the Venezuelan government.

I don't see this as beneficial to any individuals or citizens of Veenzuela or other countries. Petro was pretty much only to the benefit of the Venezuelan government to collect investments, and get foreign currency in. This central bank is probably just to maintain official control over Petro or whatever else they've got in the future. No point whatsoever.

[bohr]

After the blockchain-based Crypto Petro Dollar, the Venezuelan government probably has a new idea to get foreign currency into the country. It wants to set up and build up a central bank for cryptocurrencies. Another crazy idea or does the idea have potential?

For more details read this article on CCN.

The government of Venezuela is really desperate, that is what that news is really telling me, they have lost control of their economy and their country which was once beautiful and gorgeous and like always inept politicians have transformed a country with incredible natural resources in a wasteland, it is a shame but let it be a reminder that the capitalist system that so many like to ridicule is the only one that works, it is not perfect and it has flaws as well but it is what we have.

[pitiflin]

What potential does this have?

At best, this is just going to be one of countless other government plans to centrally control cryptocurrency issuance within their country. Basically, it's fiat 2.0, and instead of it being printed on paper, it's just going to be stored, operated, and managed by the government on a blockchain. Essentially even more control over the economy and money supply by the Venezuelan government.

I don't see this as beneficial to any individuals or citizens of Veenzuela or other countries. Petro was pretty much only to the benefit of the Venezuelan government to collect investments, and get foreign currency in. This central bank is probably just to maintain official control over Petro or whatever else they've got in the future. No point whatsoever.

Ah,if only those fuckers understand this. A central bank for cryptocurrencies. There is so much irony in that statement. And this "Central Bank" would probably be much worse than bittrex and poloniex combined  , know what I mean?

But Venezuela is going to benefit from this stupid Central Bank, at least monetarily.

Tbh, a central back for cryptos is the last thing the citizens of Venezuela need, they need food, electricty, medicines, etc.

Since a lot of people are living off crypto, Venezuela thinks an economy that is drowning on its own, can survive. Not only do they need basic necessities, they need to bring down the inflation and give some value to its own economy.

[InKiTy38]

Building a central bank for crypto is a great idea and we need to have more creative new ideas, if that is done will make the crypto market more active.Venezuela Wants to Launch a Central Bank for Cryptocurrencies so wonderful

[uramadahan]

Excerpt from ccn dot com:

“There will be the Central Bank with its functions in exchange, monetary and financial policy and the Central Bank will be incorporated.”
https://www.ccn.com/venezuela-looking-to-launch-a-central-bank-for-cryptocurrencies/

Politicians won't stop being funny.
The government is basically trying to Centralize Cryptocurrencies it wishes to control.
It is probably an attempt to get rid of transparency and other important features of decentralized Cryptocurrency in order to manipulate the Cryptocurrencies as they wish and possibly destroy them like the national fiat that currently has no value.

Indeed!They never stop to think they are smartest beings in this universe.

[KingScorpio]

After the blockchain-based Crypto Petro Dollar, the Venezuelan government probably has a new idea to get foreign currency into the country. It wants to set up and build up a central bank for cryptocurrencies. Another crazy idea or does the idea have potential?

For more details read this article on CCN.

i dont think cryptocurrencies should have a physical central bank, lots of abuse and centralisation can happen there.

in the end they want to obtain the power to legalise illegalise currencies, like the federal reserve in the usa does.

regards

[deus030518]

It will just beat the decentralized nature of cryptocurrency as the centralized bank that they would create would only want to take control of the they assets that is pouring into the bank that they want to build and if you say bank it really quite different but if the Venezuelan goverment would create a blockchain instead of a bank then that is a different subject to argue.

[BCSHonda]

After the blockchain-based Crypto Petro Dollar, the Venezuelan government probably has a new idea to get foreign currency into the country. It wants to set up and build up a central bank for cryptocurrencies. Another crazy idea or does the idea have potential?

For more details read this article on CCN.

i dont think cryptocurrencies should have a physical central bank, lots of abuse and centralisation can happen there.

in the end they want to obtain the power to legalise illegalise currencies, like the federal reserve in the usa does.

regards

Do not know this information should be happy or sad. Do not understand what their intentions are for the market. Maybe this is an opportunity for everyone and also their chance. The purpose of taking over the whole market is quite possible. However, changing a pre-existing system is very difficult and not practical.

[vossybiglady]

Oh man. 

Saddam wants to sell oil for Euro. 
Ghadafi wants to sell oil for gold dinar

I hope Venezuela is ready for when the big boy throws a tantrum.  Bad things happen to those who buck the USD when it pertains to oil.

[bohr]

Oh man. 

Saddam wants to sell oil for Euro. 
Ghadafi wants to sell oil for gold dinar

I hope Venezuela is ready for when the big boy throws a tantrum.  Bad things happen to those who buck the USD when it pertains to oil.

In this case I do not really think that nothing needs to be done, the Venezuelan governments is sitting in a house of cards that will soon collapse, and it is likely its own people are going to be the ones to overthrow the government, the interesting part is going to be what it is the next step from Venezuela and what they are going to do to rebuild their country? Since their international reputation and creditworthiness are ruined.

[Lighthouze]

Government backed cryptocurrencies will hardly see the light of day. This is because they would want to be in control, thus manipulating everything about it including the price like they do with their respective fiats. Governments should rather focus on adopting the blockchain technology in handing select aspects of their national life, rather than a ridiculous thing like a Central Bank for cryptocurrencies and the likes.

[Semosuchi Tesongrato]

A Central Bank for Cryptocurrencies is a joke by definition!
The characteristic of the crypto coins is decentralization, if there is a central control they are no longer crypto coins!

[Visteryy]

A Central Bank for Cryptocurrencies is a joke by definition!
The characteristic of the crypto coins is decentralization, if there is a central control they are no longer crypto coins!

These banks still have something that is not sympathetic. Feeling the presence of electronic money makes them uncomfortable. Stop losing good food. May be showing bad thoughts. Not sympathetic to this community.

[Akpuv]

After the blockchain-based Crypto Petro Dollar, the Venezuelan government probably has a new idea to get foreign currency into the country. It wants to set up and build up a central bank for cryptocurrencies. Another crazy idea or does the idea have potential?

For more details read this article on CCN.

I really love the idea of the Venezuelan Government. As for me, I welcome any good news that has to do with cryptocurrency especially when it comes to government's support. Things like this will make crypto stronger.