charlierobinssson
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National crypto currency

Tue Aug 21, 2018 12:29 pm

The President of Venezuela Nicolas Maduro announced a new exchange rate for the state cryptocurrency. According to him, one Petro can be exchanged for $60 or 360 million Venezuelan bolivars, which demonstrates a 96% devaluation of the national currency

What do you think of Maduro's project?

Can the national cryptocurrency save and improve the state economy?


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Article that gives context: https://blockspoint.com/news/hot/venezu ... epreciates

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SamNeels
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Re: National crypto currency

Tue Aug 28, 2018 12:28 pm

The same does Belarus.
The way third world countries believe they do all right.

alina_alina
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Re: National crypto currency

Fri Oct 26, 2018 6:42 pm

I think natiional cryptocurrency can`t improve the economics. It`s impossible.

CryptoWarrior
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Re: National crypto currency

Tue Nov 27, 2018 1:51 pm

I think this is possible, but question is how they gonna control this crypto. Or it just gonna be not real crypto, only blockchain based stablecoin wit possibility to block any transaction.

CryptoWarrior
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Re: National crypto currency

Thu Nov 29, 2018 12:59 pm

This is a good idea. Only if don't ban other cryptocurrencies.

Zweerg
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Re: National crypto currency

Fri Nov 30, 2018 5:27 am

cryptocurrency can't be regulated by law, and therefore it can't be national :roll:

martiel
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Re: National crypto currency

Thu Jan 17, 2019 12:24 pm

I think it can’t solve the economic crisis of the country. National cryptocurrency is issued and controlled by the government. It’s pegged to oil resources. The cryptocurrency was created to attract foreign investments and mitigate economic pressure. But as long as the process of oil production isn’t conducted properly, it can’t guarantee the stability of national cryptocurrency. On the contrary, the exchange rate of the national cryptocurrency set by Venezuelan president exacerbated the devaluation of national fiat currency. That’s why the only way for Venezuelans to store the value is real cryptocurrencies like Bitcoin which in comparison with national fiat devaluation is more stable. Plus bitcoin is over the power of any government whose reckless and incompetent actions can lead to such a falling economy.

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Oretegalv
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Re: National crypto currency

Thu Jan 24, 2019 10:28 am

I am a little bit sceptic about replacement of local currency for crypto.Maduro could just stop printing bolivars and the effect would be almost the same. But real problems that exist in economy of a country would stay the same.They need to adress significant economic problems and not the currency

cryptoclash808
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Re: National crypto currency

Fri Jan 25, 2019 12:43 am

It looks weird to me coz in this case national cryptocurrency need to be backed up by country's economics otherwise who would be interested in buying it?

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