Venezuela Wants to Launch a Central Bank for Cryptocurrencies

[t3ChNo]

I wonder how this will run. This is okay for me as long as people there gets help from their inflation.

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[Joe103]

This is a very good news for cryptocurrency. It will surely boost the market confidence if it succeeds.

[Samaaliu]

This is a very good news. I wish every other country will be as supportive of cryptocurrency like Venezuela is currently doing.

[hildacitra]

Regardless the pros and Contra of building and establish a central Bank of Cryptocurrency, thes all are as the impact of the growth and development of Cryptocurrencies. The idea or plan to build a Bank is probably should be decided and taken by the government of Venezuela. I am as one of the users of Cryptocurrencies who are out of Venezuela just want to see how the policies regulate Cryptocurrencies. 

[jack wira]

a bold breakthrough because it has been supported by the law of the country, the idea is bold so that the economy continues to develop all for the welfare of the people.

[qumeijia]

I do not have much capacity to comment and say anything about it. I just want to see how the regulation of the Central Bank of Cryptocurrencs established by the Venezuela works. As we know Crypto is decentralize framework,everyone is free to get in. Through this regulation doses it still work the same or has  difference or even better than now. 

[gambitcoin53]

the very essence of cryptocurrencies are they are decentralized in nature, if anyone tries to make it centralized in any way will kill the system, one cryptos are manipulated, it will be like fiats, one become centralized, monopoly takes place. it cannot be done and should not be push through, if it does, then fiats and cryptos will not be different with one another. yeah, this is one hell of a crazy idea, clearly an FUD move.

[Indrawan77]

I think the government already run out of idea, actually its a bad idea to launch such a thing, crypto can be a temporary solution to save the economic but in long term there will be a lot of controversy thing, and central bank for crypto is bad idea, but I am curious about the result, this can be a reference for other country government observations

[thebanker28]

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 in Venezuela are as corrupt and incompetent as they get. The fact that they are involved in crypto is not a good thing in total for the crypto community, they are a laughing stock and giving the entire ecosystem a bad reputation.

[Oasisman]

Im not familiar with the country and its current economical status, but based on what everyone is saying, that Venezuela had an economic crisis. Well, based on the fact that this certain country is currently facing, building a central bank doesnt directly benifit the people but the government will be the first hand, as they are just trying to control everything in terms of financial assets, while putting ridiculous transaction fees and taxes in cryptocurrency.

[ivandu]

this news  can be affected in market positively.and we hope this action followed by another country such as korea , japan or maybe china.of this country do the same with venezuela i am sure cryptocurrency will recovered soon.

[Fitrilalala]

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.

Its good news that there is a country that really into cryptocurrency, but have you read about venezuela fiat down to 96% its down really bad and i hope venezuella going to be okay right now.

[tiurminator]

I think it's just an almost failed, corrupt and  dictator government trying to get money keep their power on.

[Siren]

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 only being funny but  desperation also,i dont know whats this venezuelan president has in his mind to make this crazy decisions and mind thinking..i know how he wanted to make grow hes country but not in this kind of foolish ideas,because this may bring hes government drown forever if this fails

[Wild_Potato]

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.

This is their last attempt, grasping at straws. They've kind of backed themselves into a corner with the hyperinflation as money can't hold the value of the paper it's being printed on anymore. Is it necessarily a bad thing though? I'd say it's a step forward because they are moving crypto into the mainstream.

However, the centralized nature of it will be a signal to other countries as well: we can still control our money even if it is digital. You'll probably see Sweden or Norway try something similar next.

This is where the market is heading. Crypto is becoming controlled by the banks.

[TimeTeller]

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

I'm more than positive that this idea will not gonna push thru.
Crypto is not meant to be centralized and for so long, that kind of freedom is enjoyed by crypto enthusiasts and the likes.
This is not the solution to what is happening with their economic situation.
This will just pave the way of getting money from crypto users, in which, beforehand, crypto is free from taxes and other charges.
Remember that the corruption in Venezuela is high by world standards. They can think of better solution other than tapping the crypto community.

https://en.wikipedia.org/wiki/Corruption_in_Venezuela
https://www.businessinsider.com/corruption-at-venezuelan-oil-company-is-worsening-the-economic-crisis-2018-4

[Brunusmagnus]

Venezuela is in despair, the people do not have food, and soon a revolt will break out, much more serious than the disorders that have existed to date.
The announcement of the creation of a local cryptocurrency is just an attempt to raise some money.

[Andrej Peiboski]

The situation in Venezuela is very difficult, even if it is not mentioned in the Western media. The government has many faults, but the country has been shamed in a shameful way. However, the attempt to create a centralized cryptocurrency does not make sense and is doomed to fail.

[bohr]

Venezuela is in despair, the people do not have food, and soon a revolt will break out, much more serious than the disorders that have existed to date.
The announcement of the creation of a local cryptocurrency is just an attempt to raise some money.

Let that be a warning, it is impossible to build a socialist country that works, eventually the governments impulsing such policies are going to run out of money, while capitalism has many flaws as well at least it is a system that can last for a very long time because it goes according to human nature, if I can keep most of the profits out of my productive activity then I have a desire to work harder but if the government does then what it is the point of working hard?

[paynercash]

I think the government already run out of idea, actually its a bad idea to launch such a thing, crypto can be a temporary solution to save the economic but in long term there will be a lot of controversy thing, and central bank for crypto is bad idea, but I am curious about the result, this can be a reference for other country government observations

Just as according to your inference. This action of them this time. Probably this is, the probe of electronic money market. That may be the beginning of the upcoming campaigns of banks. Especially the World Bank. Maybe they are watching us to act their own purpose. Be careful investors!