Venezuela's central bank is holding Cryptocurrency!

[mu_enrico]

Venezuela is about to be classified as a rogue nation, to put you into context the highest officials of the country taken a trip to some of the known rogue nations in the World.

One of them is in Nort Korea, another one is in Cuba, you get the image of what's happening?

But even after all I have said about Venezuela, that's not something bad for Bitcoin.

Criminals have been using bitcoin since it's born, and that's haven't made it illegal. Yep, I got you, some investor might be afraid of Bitcoin being used as a way to clean money for bad nations and criminals.

But bitcoin is Pseudo anonymous that means that any movement can be traced, it's easy enough for a developed country to put an AI that search for the Addresses of the funds held by one of this governments

And then putting sanctions or even seize the money, if they try to clean it.

In short: Is not good but it's also not bad for bitcoin.

I remember reading a quote from Satoshi about WikiLeaks, and the heat it brings that could destroy Bitcoin in the early days.

I think "the heat" from a rogue nation like Venezuela won't disrupt Bitcoin this time since our network is already robust. But I agree with you about the effect won't be significant. Not like US or EU tried to use Bitcoin as their reserve.

[negancoin]

What about Venezuela's central bank, bad or good? I am always afraid that the volatility of bitcoin will affect the assets of the Venezuelan nation. If so, the value of Bitcoin is only $ 100 one day, then Venezuela will be in crisis again?
From my point of view, I think this is an extremely wrong decision of them. Bitcoin is one of the high-valued assets because of manipulation, when a country holds so many assets, the fate of that country will be so precarious.
A good central bank will always want to hold low-yielding but sustainable types of assets, I think the central bank asset manager is in trouble.

It's not like they want to invest in cryptocurrency or love it, they are looking for solution to deal with U.S. sanctions against Venezuelan President, according to some sources " Petroleos de Venezuela SA  had requested the central bank look into the matter after the oil producer ran into difficulties receiving payments from international clients due to U.S. sanctions against Venezuelan President Nicolas Maduro’s current regime. Cointelegraph". About bitcoin decreasing in value to $100, you have to understand that governments have experts, they are not gonna hold bitcoin blindly like unprofessional trader.

[mauriek]

Yeah, after the super inflation of their currency they transfer to cryptocurrency, I just have no news regarding what's their status regarding running a country using a cryptocurrency as mode of payment. that is the first step for other countries that is suffering on inflation to transfer into crypto.

Until now they still have not made Crypto as a mode of payment, but if we look at their cases that they have long experienced, we are sure later they will make Crypto As a mode of payment in their country. Inflation has really made the Venezuelan state suffer, we hope that they will be able to maintain economic stability in their country.

[NathanJB]

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.

The more demand there is to Bitcoin, the better. That is the basic logic of something whose value is determined exactly by that rule.

This kind of news is actually widespread even before. It has already spread before that Venezuela will make use of Bitcoin to get away from the sanctions imposed upon them from their western enemies. And this is really a good development for Bitcoin. Perhaps the only negative thing that one can deduce from it is that associating these days with Venezuela's Maduro government is bad for its reputation.

What about Venezuela's central bank, bad or good? I am always afraid that the volatility of bitcoin will affect the assets of the Venezuelan nation. If so, the value of Bitcoin is only $ 100 one day, then Venezuela will be in crisis again?
From my point of view, I think this is an extremely wrong decision of them. Bitcoin is one of the high-valued assets because of manipulation, when a country holds so many assets, the fate of that country will be so precarious.
A good central bank will always want to hold low-yielding but sustainable types of assets, I think the central bank asset manager is in trouble.

If the central banks of other countries that are seem to be working fairly are greedy and therefore bad, how much more of a central bank of a totalitarian country ruled by Maduro?

Your fear of Bitcoin's volatility that might adversely affect the Venezuelan nation shows that you seem to care. I bet you are an outsider at that. Well, Venezuelans should start feeling the same. Their country is totally in the hands of someone who seem to be not in his right mind. And I doubt that their central bank is independent enough to act based on what it deems right and best, if it still has that sense. If it has a bank asset manager, the man must be a mere puppet.

[tonyvo2017]

Not only Venezuela, China and Russia too.

Looks like the communist nations are in preparativo to something big coming.

The great crisis is coming?

Here he is not referring to the people of that country, he is referring to the central bank!
It is normal for people to hold coins, but for a central bank, it will be a disaster when the prices of coins are constantly dumped. The economy of that country will go down and the government must borrow from another country to pay for the country.
This is really a risky decision by the central bank of Venezuela, just hope that bitcoin will increase and their people will be less miserable.

[LUCKMCFLY]

Honestly, I believe that the main reason for accepting payments from PDVSA (Petroleos de Venezuela) is due to the total desperation they have at the economic level. Based on traditional solutions under normal economic study there is no solution (unless the government leaves completely without a trace).

But they have tried many economic formulas to see which one may work for them and none have been successful, I think that if they work with investments with international reserves based on Bitcoin and Ethereum, it is the last thing they can try to see if they have any kind of recovery. Because the economic disaster that exists and its crisis coupled with its exorbitant inflation, are economic scenarios never before considered for the study, since it escapes all reality, but that is happening and living.

[davis196]

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.

So you think that bitcoin.com is a legit source of information that posts real news?I think this is fake news.
Wasn't bitcoin.com ruled by Roger Ver and the BCH supporters?
If this is really true,good for the central bank of Venezuela,but I doubt they will buy and hold bitcoins.

[jake zyrus]

We all know that Venezuela is experiencing crisis in their country. As for their government and central bank holding a cryptocurrency, I can't say whether it is good or not. The answer would still depend on how the government would use crytpo and how it could affect or even help their country from what they're experiencing right now.

It would be much appreciated if you could include the link of the article for more information regarding the topic.

[fenixosup]

This wont help them with economy

[Flor1982]

I don't see anything wrong about holding or hoarding thing as it will favor the Crypto currency if they do that and they are also not the big whales so that they could manipulate the Crypto market. Venezuela is in economic crisis now so maybe they believe that Crypto will also help them to recover financially.

[Genemind]

The last time I have read an article about Venezuela was when they had an econonic problem and planned to use crypto as an alternative or a way to survive in the crisis. I doubt if it could help them.in a big way, but crypto is not a complete solution and will never be. Crypto is not a magic thar can turn someone instantly rich as what some newbies think, what more a whole country. They need a change in their government, remove all the culprits who had put their country to crisis and start fresh.

[ShooterXD]

A part of crisis in Venezuela economy its caused by USA.
Every one know, USA every look to attack countries with big oil crude production.
And Venezuela have support from Russia

[abhiseshakana]

Venezuela is a bankrupt rich country.
Since the death of President Hugo Chaves, the economic crisis has begun. Because of the large oil reserves, 95% of Venezuela's income depends on oil exports. When oil prices fall state revenues also go down. In 2019 Venezuela experienced devastation due to high inflation rates.

The US economic embargo on Venezuela has further worsened the condition of the people, with around 4 million Venezuelans displaced. The issue regarding the Venezuelan Central Bank is likely to be true, following a request from Petroleos de Venezuela SA (PSDV) which is having difficulty receiving payments after being isolated by the Americans. So PSDV is looking for ways that buyers can pay with Bitcoin through the Central Bank and then the central bank will distribute it to oil suppliers in Venezuela.

Some time ago also Venezuela received the first Bitcoin ATM. So the issue of central bank saving bitcoin I think is correct.

[rdluffy]

If they are holding cryptos, this is good for price, but Venezuela is a weird country, they have one of the largest petroleum reserves in the world and people are starving 

So they (governments) are not trustable and I don't think they have enough to make any difference on the market

[joelsamuya]

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.

Generally speaking and assuming that this is really true, then there is a big probability that this can be helping the cause of Bitcoin. However, we also have to understand that one of the most important reasons why this country can be adopting Bitcoin is because they wanted to circumvent trade embargo imposed on them by USA and other entities so that this scenario can lead to Bitcoin being labeled as a tool of rogue countries. On the other hand, this can be a model for other countries in dire straits to also adopt. Let's see what can be.

[ShooterXD]

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.

Generally speaking and assuming that this is really true, then there is a big probability that this can be helping the cause of Bitcoin. However, we also have to understand that one of the most important reasons why this country can be adopting Bitcoin is because they wanted to circumvent trade embargo imposed on them by USA and other entities so that this scenario can lead to Bitcoin being labeled as a tool of rogue countries. On the other hand, this can be a model for other countries in dire straits to also adopt. Let's see what can be.

Now you reached my point. Buying Bitcoin, Venezuela can avoid a little more from USA claw.

Thats fun how USA every time is envolved against countrys when have crude oil in the scenario. 

[MonsterV]

The last time I have read an article about Venezuela was when they had an econonic problem and planned to use crypto as an alternative or a way to survive in the crisis. I doubt if it could help them.in a big way, but crypto is not a complete solution and will never be. Crypto is not a magic thar can turn someone instantly rich as what some newbies think, what more a whole country. They need a change in their government, remove all the culprits who had put their country to crisis and start fresh.

Crypto is indeed not a complete solution in overcoming economic crisis in their country, but crypto is able to make them survive crisis rather than holding their own currencies. Therefore some time ago the Venezuelan government gave crypto companies chance to enter their countries, this was also an attempt by Venezuelan government to maintain the country's economy so that it would not deteriorate further.

[STT]

The reason that occurs is the oil promotes an unequal economy and a country more easily dominated via its reserves.     The government of Venezuela has consistently seized assets from private companies and forced other actors out in favor of themselves.     
  Its not the USA that is the common point but a country reliant on one resource is unfortunately more vulnerable to military type regimes, we've seen this in Africa with diamonds and continual civil wars that last for generations because controlling that basic resource allowed the violent commands of a few to control the many.   USA is especially concerned about the fall of this country because it represents drug trafficking and also a possible local base for Russia to stage military attacks, the Cuba problem could be repeated and Venezuela could be a puppet regime quite easily.   Its not a one off instance, I dont think USA is the common point there more the commodity economy.

[beerlover]

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.

The crisis is already here, if you haven't noticed Venezuelan people literally starved to death and Russia has been doing really badly since the trade war thing in China vs USA started because they got a lot of help from their friends down south. China is doing not bad considering all things because they still have everywhere else looking to them when it comes to manufacturing but that is gonna last only so far.

Hence, they needed crypto and they needed like last year not now, so they are saving up some cash and putting it in their central banks to buy bitcoins (and god knows what other crypto) so they can be fine when USA decides to reelect trump if that ever happens. Its gonna be a rough time period for everyone around them as well so other should start packing too.

[rdluffy]

As far as I know, it is not only Venezuela that is holding cryptocurrency at central bank. There are several other countries that have saved bitcoin as its digital assets.  they realize that saving or investing in bitcoin is beneficial. venezuela save cryptocurrencies possible as their financial backup.  because they intend to replace their paper money to becomes cryptocurrency.

There are several other countries that have saved bitcoin as its digital assets

This draw me attention, which countries are holding BTC that you know for sure, not any speculation?
The only country I know it's Bulgaria