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RE: Oil Backed Cryptocurrency - Venezuelan President Issuing First 100 Million Petros
Honestly speaking, I would think the citizens of Venezuela distrust the government and won’t be quick to adopt the oil backed crypto. I think it’s more likely that they’ll continue to turn to Bitcoin or other alternatives. Just my opinion
You make a fair point I had not given much thought to. The main reason I would say BTC is unlikely to be able to take over a country's monetary system is the insane transaction fees. Given enough time, all the BTC would have been transferred to the overseas miners.
Maybe a different crypto altogether is more likely?