NEWS Venezuela plans to create a cryptocurrency Central Bank

[CryptoGamblingSites]

NOBODY would buy or use a Venezuela crypto currency just like NOBODY used the Bolivar or Petro.

The GOVERNMENT stole the people's money there.

They buy bitcoin because it is decentralized and won't trust that government to create another currency.

[bitcoindiary]

Actually right now Venezuela is facing really tough time based on economy and this will be very tough to achieve such types of things.

[bitcoindigger71]

If we think about Venezuela’s market condition I mean economy system then it is not suitable at this moment based on this it will be very hard to achieve such types of things.

[Crystalcoin24]

If we do look at the condition of Venezuela, economically, it is not at a good place. Honestly, with this condition, it will not be possible for Venezuela to achieve that.

[fidelium1]

I love what Venezuela is doing, but my problem with the whole thing is; how does a country that cannot pay her debt use her oil barrels to back up her Cryptocurrency? I don't understand how that works.

[isidad]

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.

Great news, I hope other countries will toll the same line soon.

[aryaadikariyansyahsuwarto]

that's actually good news, hopefully realized, but keep in mind don't make bitcoin follow the bank system, because to be honest, the bank system is very detrimental to its customers, for that I hope bitcoin stays on track and doesn't follow the bank system ..

[Dexion]

very fast development, I think from the side of crypto growth, Venezuela will compete with some countries such as Japan, USA, Russia, England, and some countries that have good development of bitcoin. until today Venezuela is number 4 seen from the value of crypto trading volume.

this is amazing. the Maduro government will be the most successful government and bring the country to good progress.

[KS03]

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.

This is going to be very interesting to watch.  I will be keeping a close eye on how the central bankers coins do against the peoples coins.  If the masses flock to government and banker coins we truly have no hope left.

[InnocentDemon]

Venezuela is in a lot of debt right now, and the economic condition is not good either. For the time being this feat is not possible for them.

[RockFlash]

The state Venezuela's economy is right now, with the high amounts of debts it is in, it will be unwise if they do create their own crypto as it will be a failed attempt.

[Proctopus90]

I knew this was coming when Venezuelan government announced of having their own crypto to solve their inflation problem. However, having a central bank for crypto and Sovereign Bolivar will just dilute the water right now as the government is trying to solve inflation by centralizing a crypto which is also tied to assets like oil and minerals. The whole move basically makes no sense to me.

[CandyCoconut]

Venezuelan government's decision to deal with their inflation has been very arguable at best so far. They have already announced of a cryptocurrency called Petro which is backed by assets which seemed to have minimum potential for solving a problem as big as inflation. Now, having a central bank might just change the inflation to hyperflation as they are also trying to introduce another fiat that is tied to Petro.

[MyCoin8]

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.

This is a very great news. I wish they will succeed with the project and become a reference for crypto in South America

[KingScorpio]

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

capitalism will turn venezuela even further down, there are by now many countries that can economically much weaker because they left socialism. and turned to a chaotic and selfgreedy capitalism.

So you're saying a lot of socialist states are now worse than before because they applied a policy of chaotic capitalism and this is the capitalism fault.
It's like blaming a chainsaw for malfunctioning after you put maple syrup in the tank.

I come from a former communist/ socialist country, we were so poor everything was in rations, we had power 2/3 of the day, hot water was a miracle beyond the 6th floor....
Please, don't even try to compare real socialism with capitalism, go in a country and experience socialism for 20 years and then talk about it.

well compare capitalism of russias zarist empire with soviet union, or capitalism of chinese empire with communist china.

in both empires peopel starved. so from a humanist point of view, capitalism can be extremly impoverishing for many.

secondly you miss the point, that without mechanisation of the economy no capitalism in the world can make the absolute collective richer.

you do same excuses. like communists do for communism.

[erox]

I think it's an interesting decision. Now the Venezuelan economy is in a deep crisis and perhaps it will help to restart the economy.

[PoliteHyena]

Though it seemed like Petro had a chance of solving Venezuela's inflation problems but the recent moves made by the government was very questionable and they might have just caused the biggest mistake by introducing Bolivar Soberano which is tied to Petro and being controlled by their national bank. Venezuelan people have already moved to using Bitcoin as their own national crypto and the government have failed them.

[drm]

NOBODY would buy or use a Venezuela crypto currency just like NOBODY used the Bolivar or Petro.

The GOVERNMENT stole the people's money there.

They buy bitcoin because it is decentralized and won't trust that government to create another currency.

Exactly this, who is interested in a centralized crypto by scammers? Nobody.

[regadly]

I believe that the more states, it will start to pass laws that bitcoins claim in the real system. The sooner it will acquire mass character and need throughout the world.

[zarintasnim]

If this news is true its a very good news for cryptocurrency. Venezuela people can take advantage of cryptocurrency. They should start so many business. This step should follow other country and give the opportunity for their community.