Venezuela's new bitcoin: an ingenious plan or worthless cryptocurrency?

[Eugene]

Source: The Guardian

Venezuela's new bitcoin: an ingenious plan or worthless cryptocurrency?

Some analysts see the ‘petro’ as a desperate move to secure cash amid an economic meltdown brought about by President Nicolás Maduro’s policies

John Otis in Bogotá
Mon 19 Feb 2018 07.30 GMT Last modified on Mon 19 Feb 2018 08.16 GMT

Is Venezuela’s new cryptocurrency an ingenious plan to evade U.S. sanctions? Or will it turn out to be a South American shitcoin?

That is the question facing Venezuela as it prepares for the pre-sale of its new bitcoin-like digital currency called the petro.

The launch on Tuesday comes amid a deep economic crisis and a crackdown on democratic freedoms that have left President Nicolás Maduro’s socialist government politically isolated and cut off from most international financing.

-snip-

Venezuela’s opposition-controlled congress has declared the petro illegal because, under the law, the legislature must approve any government borrowing, a step Maduro has ignored.

The petro “is not a cryptocurrency. This is a forward sale of Venezuelan oil,” lawmaker Jorge Millan complained in a recent speech.

-snip-

Read more: https://www.theguardian.com/world/2018/feb/19/venezuelas-new-bitcoin-n-ingenious-plan-or-worthless-cryptocurrency

[GatoGordo]

1. The Chavistas can't manage their currency. Why would anyone beleive they could manage a bitcoin?

Besides, the Bolivarian government of Venezuela is about to devalue their currency again. Lop off another 3 zeros, like they did in 2007.

41,000,000% devaluation since then.

[Loki Liesmith]

2. Lol. Im sure this will work.

[GatoGordo]

3. They are calling it, the ShitCoin.

EOM