NEWS Venezuela plans to create a cryptocurrency Central Bank

[alexeycmexa]

Unfortunately Venezuela has so bad economic and social situation so I don't see that their own cryptocurrency could help them to solve this.
It's more likely that the aim of this crypto will be some kind of self promotion of president Maduro and some attempt to show the rest of the world how progressive he is. But this will not work.

I fully agree with you

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[Itcher]

this news has long been spinning not only in the crypto community, but also in the political market. I think this will create a great practice of how crypto-currency can be used at the state level

[ogtejiri]

this is a great news for the cryptocurrency world. i sincerely hope in years to come we will see all countries accepting and adopting the use of cryptocurrency fully.

[jseverson]

Lmao what the hell is going on with Venezuela? Petro isn't even accessible to most of their citizens, with minimum purchase prices set at 50 euros for crypto transactions and 1000 euros for bank transfers. They can't even be bought with Bolivars ffs lol. Now they're basically printing that?

I'm not opposing any plans for a crypto central bank, but all this will be is a failed precedent. It may even shine a bad light on crypto. I do hope something works though. Their people don't deserve this.

[stompix]

Lmao what the hell is going on with Venezuela? Petro isn't even accessible to most of their citizens, with minimum purchase prices set at 50 euros for crypto transactions and 1000 euros for bank transfers. They can't even be bought with Bolivars ffs lol. Now they're basically printing that?

Wasn't that the ICO requirement?
I heard they are going to install a few thousand paypoints where you can purchase this coin.

Their people don't deserve this.

Well, Maduro won the election, right?
Those suffering now are the same ones that were cheering Chaves's economic and social revolution.

[Horace_Damico]

Yeah, but this test would be void if the dummy is already blown apart at a molecular level.

Maybe they were already observing Venezuelan economy silently long before it was blown apart. If they are then this test would not be void since they have already gathered a lot of useful data.

The conspiracy theory proposed was saying that they would experiment on how a crypto would influence a falling country. So based on that, the experiment is void if the country is blown apart before you manage to introduce a cryptocurrency

No, not necessarily. The crypto could be introduced either before, during or after the crisis, but that's not the point. The point is how people react to the crypto, and how willing or hesitant they are to adopt it. It's perception management.

Sure, they could just digitize a currency and try the same thing. But the difference between a digital currency and a crypto comes back to again the perception of the people. No one trusts the government nor the bank right now in Venezuela so they need an alternative. Establish an alternative the operates on the same level as bitcoin (at least to the layman) and they'll abandon the one that doesn't have a government guarantee.

[r_herbert]

The idea is good but the problem is elsewhere. People there are suffering. Crypto can help for sure,but now they need real goods such as bread, meat and healthcare. Another currency will not save the situation. Indeed, the country has big debts and it is better to satisfy the creditors. The country needs massive reforms. Politicians need to work with the population and to listen to people. They just want a decent life. A cryptocurrency Central Bank is great. It is even innovative. But again, the real needs now are food and healthcare.

[Moiyah]

They see bitcoin as their saviour when there economy is really down. Venezuela is just thinking of any plan that may help their economy grow. But going this far, I do not see it will have a great impact to their economy.  Well, that's just my opinion since crypto fluctuates.

However, seeing how people in their countru are suffering because of their economic crisis, making the Venezuela into chaos but let us just support them all the way with their plan. Giving them a big hope if this crypto bank will succeed.

[Bloodseekers]

I think this news has positive and negative effects

Positif effects is cryptocurrensy will be increasingly known so cryptocurrensy will be increasingly known, make it easier to trade crypto and fiat in that country and many more positif effects

Negatif effects, i just worry crypto will be centralized, means bank control it. this is a very bad effect in my opinion

[zolfa]

wow, this is a very good development, and I hope this information can influence the market and make the market a little better.

Venezuela will be able to become an advanced country with crypto, they seriously want to create crypto transactions, they are serious want to bring crypto to the global market.

[SilverCup08]

Central Bank to interfere? No way! Venezuela has some reputation on bank frauds, how can they be sure that the same won't happen to cryptocurrency once the bank starts regulating it. I don't think this is a good idea.

[kamBlanV]

this is a good plan, the Venezuelan government always makes crypto users feel happy, Venezuela dominates to use crypto, public enthusiasm for the crypto world there is huge.

so Venezuela became the fourth country to have the largest crypto trading volume after USA, Russia, and England.

[strongman8]

This will be a very interesting development.  If the world powers do not want this Venezuala is going to be attacked.  If they are not attacked and this is allowed to continue then watch closely as the powers that be are releasing their first government coin. 

[Lignxxx]

I don't think it will be a good idea. Cryptocurrency promotes decentralization as based on Blockchain technology. How can a cryptocurrency be centralized, it makes a contradictory position. crypto is not for control but to make the world economy freer.

[godfredmanu]

It will do good if you can add the source of news like this. But Venezuela economy is struggling and for them to aim at creating cryptocurrency is a bad move since they need to concentrate on their failed economy.

[SlashEject]

If Venezuela makes such a crypto central bank, then it will be a good news for the public. If they do this then Venezuela will be financially secure. Hope the investors will benefit.

[xysheeh03]

That's a great news for our crypto enthusiast friends in Venezuela, as it may help them make their bitcoin transaction so eqsy with the use of banks. And everyone is hoping this type of good news to every place that people makes their life easy by paying transactions of bitcoins through banks. And by this, bitcoin may be lead to popularity and known to some other country that they may accept bitcoin as a legal thing.

[Bitocek100000]

Given the level of inflation bolivar in the country, I can not imagine what could save their economy. I hope the active implementation of crypto currency will save their economy and give impetus to the development of this approach throughout the world.

[jademacoy]

This is a great news again to the crypto lovers. Another country has opened cryptocurrency and we need this amass investors around the world which secure also their investment. This cryptocurrency central bank should also be opened from other countries as well and i it will do good on those crypto lovers who like to store their crypto in a secure way.

[Zalaster]

Really? I do not think that's possible! Venezuela suffers from crisis and inflation, to buy coffee will require a bag of money. If they are even capable of such a crypto will not be of interest to anyone.