With the news breaking that Venezuela would soon be issuing an oil-backed cryptocurrency, I couldn't help but smile. It was surely only a matter of time before a big oil producing nation would do this, and I was happy to hear that it is a country currently experiencing hyperinflation, a country suppressed by the US, a country not in the Middle East.
Venezuela are making a very smart move. If executed well, this currency could position them as the richest nation in South America. An oil-backed currency could and should become the reserve currency of the oil trade. Could this new currency replace the dollar for oil transaction world-wide? If they write the code well and act with integrity and transparency, Venezuela has an opportunity with this plan to become a serious global economic player.
What do you think? Is this Venezuela's rags-to-riches story in the making?
As a Venezuelan that has watched my country go into the gutter over the years, I am excited to hear this however; I would much rather see Venezuela adopt bitcoin, which is something that is currently expected to happen as the bolivar collapses. An Oil-backed cryptocurrency created by Venezuelan government? Will it be decentralized? I am skeptical and intrigued all at the same time.
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Your last sentence sums it up for me as well. Skeptical and intrigued. I am going to lean towards optimism for now because it really is such a great idea and a great move for Venezuela- if played correctly.
BTC adoption in Venezuela would be excellent, for now, but with the split between Core and Cash, and the attempt to centralize and control Bitcoin thats currently unfolding, I'd be looking for more opportunities in projects like Petro, amongst others.
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It makes sense indeed but really any cryptocurrency is a win. Jokingly, I think they can use doge and be better off :P
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