NEWS Venezuela plans to create a cryptocurrency Central Bank

[gorokill]

Bad economic and social situations make me pessimistic that their own cryptocurrency can help them in solving this problem. Perhaps that this crypto goal will be a kind of self-promotion from president Maduro and several attempts to show the whole world how progressive he is.

[CrazyHarpy]

This is incredible news for crypto and the Venezuelan individuals. Their economy is slamming and the general population requires something that is decentralized far from government control. Despite the fact that petro is from the administration, they are inviting crypto and their kin can broaden their portfolio with security coins.

[cryptocurrencyguru]

Venezuela is the world example for the necessity of cryptocurrency adoption how the country get adopted cryptocurrency  after hyperinflated currency failure of fiat currency Venezuela is right example

[Theb]

The Venezuelan Government just simply gave up on their own Fiat Currency, which the last organization you expect to do so in a country. Just by simply creating another cryptocurrecy after Petro says so a lot and most importantly linking it to their Central Bank means that they don't see the Bolivar as their legal tender anymore. The country is heavily in debt and thinking that addding another new cryptocurrency will boost there economy they are wrong about it, with this cryptocurrencies being a reflection of Venezuela it will only give them just wild pump and dumps (they might be also the ones who are playing the prices) and not a stable growth they are hoping for.

[bitcoinminer566]

The economy of Venezuela has neglected to an awesome degree. Notwithstanding having the biggest petroleum holder of the world, their President had fizzled the country with a couple of thousand percent of expansion rate. That is the motivation behind why it is looking for alternatives to get a strong ground.

[Coinworld98]

The national Assembly of Venezuela is preparing a reform of the country's Constitution, which provides for the creation of a crypto-currency Central Bank. It will be “the Central Bank" with its functions in exchange, monetary and financial policy, and the Central Bank will be involved.  In Venezuela, from August 20, a new denominated currency will enter into circulation — the Sovereign Bolivar (Bolivar Soberano), tied to the national crypto currency Petro. On Monday, the country's President Nicolas Maduro (Nicolás Maduro) said that the country will begin to operate a new system of wages and prices, also tied to Petro.

Having a cryptocurrency central bank in form of an exchange is really a good thing. I think every country should have this.

[kamoto]

Well ... how can you imagine this?
Centralized crypto bank ... seriously?
In this phrase alone there is already a contradiction. In fact, this is an attempt to control what, in the end, can not be controlled in any way. So nothing good from this venture should not wait anyway. This event (even if implemented) will not bring the market a crypto anything good

[Crystalcoin24]

The financial condition of Venezuela is not very good. In this condition launching a new cryptocurrency of themselves is not a very good idea I think. This decision might hamper both Venezuela and crypto market.

[steve_rogers321]

Venezuela might think that their new cryptocurrency may improve their economy to a great extent. But in reality it may get worse. Launching a new crypto in a bad financial condition is not a good idea. If this fails, cryptocurrency will get a bad image in the world. And also Venezuela economy may collapse.

[listoncrypto]

Launching their own cryptocurrency in a bad economic condition is not a good idea to me. I think this decision may damage the crypto market and also their economy. If they had a good economical situation, this decision may worked out.

[BlackandRed654]

It doesn't seem like a good decision to me. They are releasing their own cryptocurrency. It looks like only Maduro will be benefitted by this. Don't know what is going to happen, just hoping for the best.

[OMGyasuo]

The national Assembly of Venezuela is preparing a reform of the country's Constitution, which provides for the creation of a crypto-currency Central Bank. It will be “the Central Bank" with its functions in exchange, monetary and financial policy, and the Central Bank will be involved.  In Venezuela, from August 20, a new denominated currency will enter into circulation — the Sovereign Bolivar (Bolivar Soberano), tied to the national crypto currency Petro. On Monday, the country's President Nicolas Maduro (Nicolás Maduro) said that the country will begin to operate a new system of wages and prices, also tied to Petro.

I think that instead of setting up a central bank for electronic money, they should set up transactional and archival stations. Normally the central bank will be the place to release the currency, so what will the central bank do when it can not make itself a BTC or ETH. If they release a new crypto to people in Venezuela can use and switch over to ETH and BTC, it is not yet certain that people will use it extensively, because they also deal with many other countries. I do not think this is a good idea. It would be better if this was a reserve center.

[Nilda]

At this point, anything is worth trying for the struggling nation. I hope this one works. Cryptocurrency saving a country would make a great headline.

[bitcoindiary]

Why do they need own cryptocurrency? I am really confused about this fact. Maybe it is some economical trick for own benefit. I think petro was enough for them as national cryptocurrency.

[cryptogalaxy789]

Cryptocurrency has high rate of fluctuation. I can not understand how a new volatile currency can improve their economic situation. I think it can be worse for their economic problems.

[blackmagic111]

It will be great if Venezuela adopts cryptocurrency. One day cryptocurrency will be the leading and common currency of the world and now we are watching the economically strong countries are looking forward on cryptocurrency.

[jackpot888]

Venezuela should step forward thinking about their economic condition. So they really should think about cryptocurrency. It will be great decision to make the cryptocurrency more official as their currency is going to be valueless.

[dang thi bich thuy]

Venezuela has been in crisis since 2014, due to sluggish oil prices and weak economic management. The Venezuelan inflation this year has risen more than 32,700%, the International Monetary Fund (IMF) with Germany in 1923 and Zimbabwe in the late 2000s. I think this country will produce Altcoins like Petro PTR) of Venezuela was successfully sold. Many South American countries can learn this way to escape the economic crisis.

[sidneycrypto6]

I don’t know it will be helpful for them or not as their economic condition is too much vulnerable now. Their currency is going to be valueless. I hope they can overcome it with cryptocurrency.

[Cyptocity]

Since petro will be built upon existing Infrastructure, it will be leveraging on existing crypto technology, rather than starting from scratch with its own bespoke exchange platform. It will be a welcome development for the country to give a trial.