NEWS Venezuela plans to create a cryptocurrency Central Bank

[ogtejiri]

this is great news. it goes to show bitcoin is gainning more ground. i believe in the coming years, we will see bitcoin grow from strength to strength as it has so much potentials. bitcoin banks will spring up soon, lets keep hoping for the best

[SafeCamel95]

It’s a great step taken by Venezuela. The economic condition of Venezuela is not going on right now. I think it will help them to change the economic condition.

[Antelopez2]

Cryptocurrency will help them to come over the current crisis that is going on in Venezuela. Cryptocurrency is the best currency to make the transaction as well as to do everything that we do by using traditional currency.

[BumblingBee]

Venezuela has taken a right decision to come over the current situation. Cryptocurrency is better than any other currency system. Venezuelans will be able to come over their problem by using this.

[MidnightNugget]

Venezuela's National Assembly is preparing a reform of the country's Constitution, by which provides for the creation of a crypto-currency Central Bank.

[AmazingTiger]

We had the Bolivar which was a reflection of the Venezuelan economy and backed mostly by oil and now we have this petro which is totally backed by oil and another currency, the Sovereign Bolivar that will be pegged to the petro.

[xWolfx]

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.

You have some mistakes in your terms:

1. It's the illegal "Constituent national assembly": They are illegally constituted, not following the right steps stated in the current constitution - Which job should be to redact a new constitution but they are doing everything they want to do except that. It's about time they put their name to use and redact the constitution.

2. Petro is NOT a Cryptocurrency: It is only a virtual currency with the image of a coin. Not following the basic principles for Cryptocurrencies to really become one. The person who made it of course knew it, no idea why some people just decides to help dictators who starve their own people.

3. Nicolas Maduro is not a President: He is a dictator. If you research a bit you will see that a lot of countries are not recognizing him and he is right now occupying the spot ilegally, endorsed by Cuba.

Calling a regular virtual currency Cryptocurrency which is supposedly backed by their oil reserves within an oil company who is falling apart and literally destroying itself, making them sell a good part to Russia and China borrowing a lot of money they can't pay means that the 5 digit inflation rate will get a lot bigger in the next weeks and especially after that measurement is taken.

[CrashGangster]

If they make an open cryptocurrency, then they highest likely also make a public block explore for all transactions, and then everyone can daily see have many new coins are added to the blockchain.

[ImpulseGhost]

Venezuela is taking great step thinking ahead for their economy. It is true that Crypto is the future of currency and in a world where rich countries control world economy thinking of a crypto and use it will be a great advantage

[Geemy]

News has proliferated from Venezuela in recent days, the economy has deteriorated very dramatically, I do not know if cryptocurrency can help in this  or not

[jeffer8035]

It seems to me that it is the first time that a mature president sticks with the cryptocurrency can regulate the imflacion and can give a respite to the Venezuelan people and creates an incentive to national and international investment is seen that there is more movement in the economy and If there is a bank of cryptocurrencies even better for the traders is going to do something spectacular I think that this way the economy is being liberated and opening the markets what is going to do that the economy flutters in a normal way since that country has it covered the imflation is a jump towards the future and I think it is the first supported currency a palpable asset that exists and that is very demanded in the world oil first country that applies a cryptocurrency in a state I think that from here will leave for the whole world good luck to Venezuela

[muncuss]

It seems venezuela will do anything to escape hyperinflation and debt, even with illegal way.
As for petro, i don't have many information about it and also i can't access its block explorer. then it is not cryptocurrency because it is very centralized

[BlackRogue]

The economic condition of Venezuela is not well. They are suffering from a enormous amount of debt. So working with Crypto and making it more official currency may be a good decision as their own currency is not much valuable

[CryptomartN]

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 am still very much skeptical about the various cryptocurrency news from Venezuela. Although, I laud the enthusiasm of the government in supporting cryptocurrency, I hope it doesn't affect the economy in anyway through price imposition.

[MoneyGuardian]

I am not sure how much it will help the currency and economic state of Venezuela. They are now in a very bad economic condition so I believe petro wouldn’t survive comparing their price and dollar price of crypto

[RoadRascal]

Venezuela is going through too much inflation rate. I think it will take more than a cryptocurrency central bank to solve this problem. They need to find a way to pay all the debts and be more productive.

[BigSheep]

A central cryptocurrency bank may help them to build a better payment system but it may not help them about the current inflation they are going through. They need to take productive measures to build economic values.

[RudeSlider]

I cannot say for sure whether it is going to help their current economic condition or not. Well it might be considered as a better payment system but I don’t think it will help them grow their economic value.

[CrownKit]

I am not sure if it will be a good idea or not cause turn it in to bank will change its whole concept of trading , business system of bank and crypto both is not similar to each other so if we try to mix up this two thing then it could cause a serious mess

[Patriode]

it is a very good news for cryptocurrency. if venezuela start in crypto they should improve their economy chart. it is very good decision for venezuela and it's also a good sign for crypto. its future are good.