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RE: Why The Venezuelan 'Petro' Cryptocurrency Has Dangerous Implications Reaching Far Beyond South America

in #cryptocurrency7 years ago

I agree. I think a gold-backed crypto like the royal mint is actually something needed by the market. I don't see it replacing Bitcoin, rather, I see it supplanting what Tether is currently used for. But I feel what Venezuela is doing is extremely dangerous to this space if corrupt regimes feel they can just launch a crypto and get away with massive fiat devaluations and money laundering to further screw their own citizens