A Look at Venezuela’s Crypto Plans
Too Long; Didn't Read
At the start of December last year, the President of Venezuela announced that his government was planning to issue a state-owned cryptocurrency called “<a href="https://www.bloomberg.com/news/articles/2017-12-29/get-set-for-petro-venezuela-s-cryptocurrency-answer-to-bitcoin" target="_blank">the petro</a>.” According to President Maduro, the petro would be backed by the country’s oil, diamond, gold, and gas reserves. If the plan succeeds, Venezuela will be the first country to issue its own cryptocurrency and the petro will be the first commodity backed cryptocurrency. A few countries have considered the idea of a state-owned cryptocurrency. Many experts believe such a move will not have the desired impact as mainstream finance is built upon decentralization.