Are Venezuela and Eastern Europe the future of cryptos?
Or, EU and USA, get your thumbs out of your asses!
Disclaimer: I am not promoting a dictatorial regime, which, in my opinion, is currently in control in Venezuela.
I feel for the people and their situation, so do not take this post as an endorsement for this situation!!
El Petro, a Venezuelan Crypto
The decision of Venezuela to create an oil-backed coin, El Petro (which is not Petrodollar, XPD), reeks of opportunism and desperation. With the normal currency of Venezuela, the Bolivar, constantly devaluating, there is no reason to trust that the Petro will be more reliable.
Blue vertical lines represent every time the currency has lost 90% of its value, which has happened four times since 2012. it shows that as of December 2017, the currency is worth 10,000 times less than it was in August 2012 and the rate at which the value is lost, also known as inflation, is accelerating.
However:
Recently Nicolas Maduro issued the following "request"
“I order the payment of consular services in all embassies and consulates of the Bolivarian Republic of Venezuela in the world, [and] all consular services in the country, in the petro currency or in any cryptocurrency.”
This basically means that Venezuela is the first country in the world where you can pay government agencies using any crypto you want. It makes sense that this will be followed by corporations and maybe later stores and shops.
In case Maduro loses the next election, scheduled for April 2018, we can only hope that his successors will follow this path and lead their country into the future and prosperity.
The future of Cryptos
It is unthinkable that while we're seeing dictatorships like this, and Eastern European countries, looking at crypto as an opportunity to distinguish themselves and embrace it, the EU and the USA are still sitting with their thumbs up their asses. Instead of following and leading these developments, they spread FUD to try and squash what cannot be squashed.
For any company or start-up that want to do something with cryptos, it makes sense to look at these alternatives, and ignore the old countries.
The problem I see with El Petro, its purpose is to get around sanctions. So won't the US block the use of this crypto or will this prove governments have no power to do this?
Upvoted by kryptonia @stevehuggett
I'm hoping the latter, but don't be surprised if all of a sudden there's a death in the family of, still, president Maduro.
In my opinion we will see an occurence of new crypto exchanges in countries and regions the US have no influence, how trustworthy they are? I leave that up to the reader.
It is an important test and Venezuela deserves a better future for sure.
Hopefully it will be an influence to others!
Upvoted Resteemed and Following!
Nice read thanks upvoted!
An interesting take on the Petro "launch"...
https://www.caracaschronicles.com/2018/02/22/petro-hasnt-raised-dime/
It's even worse than expected ;-) Let's just hope that the directive to accept payments in all cryptos will stay and have a positive effect on cryptos in general.
Although the current status does not provide much confidence.
Interesting post! Upvoted!
As a Venezuelan, I want to thank you for this publication. The only goal of these dictatorships is to avoid sanctions from the EU and the United States, they do not care about cryptocurrencies. The petro is an obvious scam and we must inform people around the world so that they are not scammed by these killers
nice posting,thanks you very much
Thank you for collaborating with me to promote this post as explained at https://steemit.com/steemit/@jerrybanfield/10-ways-to-fund-a-steem-growth-project.
Thanks for the helpful info... nice post... Following...
Very good post about petro.