Venezuela's central bank is holding Cryptocurrency!

[riso2015]

It is good to know that some of the financial institutions are trusting and holding cryptocurrencies because it is a proof that cryptocurrency is a good asset to store the value of our money. I think that the other major banks do the same thing like the central bank in Venezuela because it gives them a safe haven for their money and also an opportunity to grow their cash.

Central Bank in Venezuela holds Cryptocurrency because their country is experiencing a monetary crisis, so the Venezuelan government will most likely adopt Bitcoin there. Many believe that the parties of the World Bank now also glance towards Cryptocurrency, they want to adopt Blockchain technology for banking.

[Sithara007]

It is good to know that some of the financial institutions are trusting and holding cryptocurrencies because it is a proof that cryptocurrency is a good asset to store the value of our money. I think that the other major banks do the same thing like the central bank in Venezuela because it gives them a safe haven for their money and also an opportunity to grow their cash.

Central Bank in Venezuela holds Cryptocurrency because their country is experiencing a monetary crisis, so the Venezuelan government will most likely adopt Bitcoin there. Many believe that the parties of the World Bank now also glance towards Cryptocurrency, they want to adopt Blockchain technology for banking.

First of all, these are just rumors. The central bank of Venezuela (El Banco Central de Venezuela) never admitted that they are holding any form of cryptocurrency. These rumors are just spread by some of the media outlets, and as of now, we don't have any confirmation regarding this. Even if they are holding any crypto, it is going to be in very low amounts, given the bad state of the Venezuelan economy.

It is true that Venezuela is currently going through a financial crisis and they are unable to import essential commodities due to a lack of foreign currency in their reserves. And Bitcoin is not an answer to their problem. What they are doing now is that they are trying to sell their gold reserves, to earn foreign currency. But one issue is that some of that reserve is stuck abroad and the government can't access it now.

[AicecreaME]

According to the latest information from Bitcoin.com, they have reported on this. I don't know if this is a bad effect or a good effect on the market? Everyone can make a point here.

It is a good thing because the Government of Venezuela are fully committed on cryptocurrency and no bad intentions on using it like controlling it, they are like Japan who sees bitcoin as a new light of hope that could bring back their country in good feet and save their country in poverty. In this kind of movement, I am getting my high hopes that bitcoin could really be the main currency we are going to use since fiat is too vulnerable.

Fiat is just a mere piece of paper that have its value because the Governent says it's have one.

[Edraket31]

According to the latest information from Bitcoin.com, they have reported on this. I don't know if this is a bad effect or a good effect on the market? Everyone can make a point here.

It is a good thing because the Government of Venezuela are fully committed on cryptocurrency and no bad intentions on using it like controlling it, they are like Japan who sees bitcoin as a new light of hope that could bring back their country in good feet and save their country in poverty. In this kind of movement, I am getting my high hopes that bitcoin could really be the main currency we are going to use since fiat is too vulnerable.

Fiat is just a mere piece of paper that have its value because the Governent says it's have one.

Yes, but still cryptocurrency is not the answer to their financial crisis, still they should find ways for them to be able to stand out again and overcome this problem to their country, and this should be a lesson that they should learned on their part. Crypto is always an opportunity, but I doubt if this can solve their issues, as we are talking about large sum of money. They should borrow in some countries to start again.

[huige007]

It is good to know that some of the financial institutions are trusting and holding cryptocurrencies because it is a proof that cryptocurrency is a good asset to store the value of our money. I think that the other major banks do the same thing like the central bank in Venezuela because it gives them a safe haven for their money and also an opportunity to grow their cash.

Central Bank in Venezuela holds Cryptocurrency because their country is experiencing a monetary crisis, so the Venezuelan government will most likely adopt Bitcoin there. Many believe that the parties of the World Bank now also glance towards Cryptocurrency, they want to adopt Blockchain technology for banking.

First of all, these are just rumors. The central bank of Venezuela (El Banco Central de Venezuela) never admitted that they are holding any form of cryptocurrency. These rumors are just spread by some of the media outlets, and as of now, we don't have any confirmation regarding this. Even if they are holding any crypto, it is going to be in very low amounts, given the bad state of the Venezuelan economy.

It is true that Venezuela is currently going through a financial crisis and they are unable to import essential commodities due to a lack of foreign currency in their reserves. And Bitcoin is not an answer to their problem. What they are doing now is that they are trying to sell their gold reserves, to earn foreign currency. But one issue is that some of that reserve is stuck abroad and the government can't access it now.

There is nothing like rumors in this world. If there is smoke then that means there was fire too. Rumors have not hundred percent reality but they contain bits of truth to some extent. Just because common people does not pay good attention to bitcoin does not mean the authorities and government people are also sleeping. Bitcoin is a way too important for surviving in coming days.

[NewRanger]

The government of Venezuela are aware to the potential of the cryptocurrencies. They know that it can help them to solve the economic problem in their country. Their government is still finding a way on how they will end the economic problem in their country which is the hyperinflation.

if any country holding cryptocurrency in their assets , i think it is smart action from them.they now potency in future when cryptocurrency already totally developted .at this time its true too many drama in crypto market, but it does not mean we have bad future for it.bitcoin or cryptocurrency was expected could be the solution when fiat have no value again if compared with goods.inflation going crazy and no one prevent it except we invest our money in crypto.

[AliMan]

The government of Venezuela are aware to the potential of the cryptocurrencies. They know that it can help them to solve the economic problem in their country. Their government is still finding a way on how they will end the economic problem in their country which is the hyperinflation.

if any country holding cryptocurrency in their assets , i think it is smart action from them.they now potency in future when cryptocurrency already totally developted .at this time its true too many drama in crypto market, but it does not mean we have bad future for it.bitcoin or cryptocurrency was expected could be the solution when fiat have no value again if compared with goods.inflation going crazy and no one prevent it except we invest our money in crypto.

That was too hard to decide investing all our savings with crypto, I think Venezuela's government is more devoted with crypto in which legalizing it probably helped their people recover from poverty. How I wish other county specially most parts in asia would have positive mindsets over bitcoin and all aspects related to cryptocurrency, so that it will generate good outcome. Eliminating some discrepancies of fiat currency will soon be corrected and posible that all mode of payment system will be diverted using cashless spending.

[yoseph]

The government of Venezuela are aware to the potential of the cryptocurrencies. They know that it can help them to solve the economic problem in their country. Their government is still finding a way on how they will end the economic problem in their country which is the hyperinflation.

I find what the Venezuelan government is doing to be very confusing,  in the height of their economic problems, the people decided to mine bitcoins and other cryptos in a bid to escape poverty mainly because they had access to cheap electricity and the government forbade and made cryptocurrencies illegal and then they proceeded to make their crypto which failed massively and now this.

[BChydro]

I find what the Venezuelan government is doing to be very confusing,  in the height of their economic problems, the people decided to mine bitcoins and other cryptos in a bid to escape poverty mainly because they had access to cheap electricity and the government forbade and made cryptocurrencies illegal and then they proceeded to make their crypto which failed massively and now this.

The government is experiment with anything they can do to revive the economy, the politicians ruined the country and i have not seen 100% inflation in my life time and when Venezuela achieved that feat i was god smacked to know how a corrupt government can ruin a country completely, their Petro was a complete failure and you cannot create currency after currency and expect to overcome inflation .

[alexsandria]

According to the latest information from Bitcoin.com, they have reported on this. I don't know if this is a bad effect or a good effect on the market? Everyone can make a point here.

Ofcourse it has a good effect on the market. As economic recession continuously happening in Venezuela, Venezuela bolìvar value gradually decreasing. Venezuela citizens are suffering to even have their basic necessities as buying one is as though sacrificing the whole day without eating any. Venezuela government starts to recognize bitcoin's value, and with that the bitcoin's demand grows that it could have a huge effect in the market. So, it isn't bad 'cause it does help cryptocurrency market to grow.

[darewaller]

There is nothing like rumors in this world. If there is smoke then that means there was fire too. Rumors have not hundred percent reality but they contain bits of truth to some extent. Just because common people does not pay good attention to bitcoin does not mean the authorities and government people are also sleeping. Bitcoin is a way too important for surviving in coming days.

Out of every rumor actually comes the truth, yes people do formulate things bit not when many people have said something about it, and I remember that when Facebook Libra coin was actually on their project to be released, there were rumors that they had the plan to do so long before they even came to make statement about it, but I never paid attention to it and also called it rumor until the truth actually came out too.

Unlike what the other fellow mate said, the reason why Venezuela will even think of investing in the bitcoin is to salvage their economy and understanding the volatile nature of bitcoin, and looking at the positive side of it, I think that they will actually invest much in it which is the only way they can get enough money out of their investment for economic purpose.