Venezuela Wants to Launch a Central Bank for Cryptocurrencies

[Glad108]

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.

This is a very welcome development coming from the Venezuelan government. I really applaud them for having such great faith and confidence in cryptocurrency.

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[munareal]

Venezuela is in hyperinflation currently and their fiat currency has little value. The policies of the central bank and Venezuela government did not help as they were printing more and more currencies leading to higher inflation. I agree that cryptocurrency might help in their present situation

[bohr]

Venezuela is in hyperinflation currently and their fiat currency has little value. The policies of the central bank and Venezuela government did not help as they were printing more and more currencies leading to higher inflation. I agree that cryptocurrency might help in their present situation

Those people have not really an idea of how money works, I have heard some people saying that the government should give one million dollars to everyone that way everyone will be a millionaire, and I find surprising that many people agree with that kind of thinking they do not see the huge amount of inflation that will cause and if that happened then one million dollars will not buy what it buys today.

[yusupjatigumilar]

After all, this is good news and I hope this will be able to boost the price of crypto and bitcoin to become expensive again, the actions of the Venezuelan government should be thumbs up, because we can provide regulations that cover transactions using crypto currencies.

[Baby Dragon]

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.

If this one will happen it is a good news for the people who used in bitcoin in Venezuela since their transaction will be much easier and the government has a good regulation since they approved it. It can help their economy to gain more investor and to have more income. It is a win-win situation for everyone.

[Jating]

After all, this is good news and I hope this will be able to boost the price of crypto and bitcoin to become expensive again, the actions of the Venezuelan government should be thumbs up, because we can provide regulations that cover transactions using crypto currencies.

I have mix emotions with this one. What's the use of a Central Bank for Crypto? Crypto is supposed to be decentralized, they should just put proper regulations and then everything will be a OK.

Venezuela government is somewhat a bonderline case, they have their own government back coins, which is shady to begin with because we don't know who invested on them (ehem... Russia) and it was pretty obvious that they created it to circumvent any trade restrictions coming from the West.

If they wanted to adopt bitcoin and other cryptos, for me regulations will be enough. Perhaps they wanted to have control of crypto's thats why they are thinking of launching a Central Bank which doesn't makes any sense at all.

[martinholly167]

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.

yes, i think it is more good for us to safe our cryptos in our own wallet, with out any interruption from the third party

[lapongetiasuu]

I think that is a very good step and hopefully this good news can affect the conditions of other cryptocurrency prices and can provide benefits for traders.

[timerland]

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.

Is it any different to the group (whatever the group name is called, I don't know) that is currently controlling the Petro at the moment?

According the the article, it just seems like that this central bank is simply going to be another version of the organization currently managing the country's national cryptocurrency, as the proposed central bank's main focus is obviously to try to market and regulate Petro.

This really has no "potential" to speak of. It's not a decentralized cryptocurrency, nor is it global, nor is it supported by any other government around the world. I honestly don't see anything remotely intriguing here, other than the fact that it's designed to help the Venezuelan government bypass sanctions and promote capital inflow.

[Baekhyun]

this issue is quite shocking to the world, maybe there is no other option for Venezuela to get out of its economic crisis all this time, because the Bolivar as its national currency is worthless, just imagine you have to pay a few million bolivars to buy a cup of coffee, this doesn't make sense .
but I've heard the news that now Venezuela has issued a new national currency by eliminating some zero digits behind the value of money, I think this method is quite unique but invites pros and cons.

[deloreswest]

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 read there is idea to use dash as currency  to help them from inflation. It might turn oug great on future but right now its crazy movement but i think it would be great idea cause seems like there is no other way.

[Juggy777]

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'll second this it keeps getting worst and worst for them, there was no clarity in launching and running petro, and it was only a matter of time before it was dubbed scam. I am surprised they're focusing on launching a central bank for cryptos, when their top priority should be tackling the menace of inflation, at this current rate they're looking for a total economic disaster, and recovering from it might be really difficult. I see no merit in this idea, hopefully they won't pursue it.

[SirLancelot]

I think that is a very good step and hopefully this good news can affect the conditions of other cryptocurrency prices and can provide benefits for traders.

Well keeping in mind the current worst financial crisis Venezuela is passing through, I feel it is a do or die condition for the country to pass through the situation.

Besides, opening a central bank for cryptocurrency will be a good idea because majority of the people in Venezuela are using mobile money and many the cryptocurrency so it is the need of the day and a policy built around the cryptocurrency will be worth implementing for the country to come out of the crisis.

[sinkfish]

wrong time to adopt right technology only make the technology a tool of destruction.

[Menawi12]

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.

After unsuccessfull on petro coin, maybe venezuela want try different way. I think it will not success again like what happen in petro because investor must be worry about country condition

[bohr]

After all, this is good news and I hope this will be able to boost the price of crypto and bitcoin to become expensive again, the actions of the Venezuelan government should be thumbs up, because we can provide regulations that cover transactions using crypto currencies.

What you are saying doesn't make sense, cryptocurrencies were created to avoid the regulation of the governments, why do you think that we should be happy that the Venezuelan government is creating their own central bank? We know this is nothing more but an attempt to keep their government in place and they are using cryptocurrencies as a way to try to do that.

[marine4u]

I think that is a very good step and hopefully this good news can affect the conditions of other cryptocurrency prices and can provide benefits for traders.

Well keeping in mind the current worst financial crisis Venezuela is passing through, I feel it is a do or die condition for the country to pass through the situation.

Besides, opening a central bank for cryptocurrency will be a good idea because majority of the people in Venezuela are using mobile money and many the cryptocurrency so it is the need of the day and a policy built around the cryptocurrency will be worth implementing for the country to come out of the crisis.

This is a very bold policy of the Venezuelan government to change the economy of the country. The widespread use of crypto in the whole country will create great confidence for people in practical application. I hope that with the breakthrough of Venezuela will change the current difficulties.