Venezuelan President Nicolas Maduro has reportedly approved the registration of 16 cryptocurrency exchanges in the country, months after introducing regulations for the emerging space.
Maduro hopes that these exchanges will start listing Petro soon, but none of them did confirm the inclusion.
https://www.financemagnates.com/cryptocurrency/news/16-cryptocurrency-exchanges-get-approval-launch-venezuelaWhat implications can this step have on Venezuelan economy being the economy with highest inflation rate and simultaneously what does this mean to cryptocurrency world wide?
What he's doing with the exchange approvals is good, as I've said, countries who welcome crypto businesses into their country to operate will always reap the rewards later on when the adoption rates of crypto becomes much higher.
However, the Petro, which is essentially a centralized crypto, isn't something that I'd want to personally invest in.
Nor will any of this affect the average Joe in Venezuela, since it's all restricted to the elite people who actually have the capital to trade. For them, BTC is still the most accessible store of value at the moment in my opinion. And if functional exchanges can actually launched, it'll definitely help Venezuela's suffering economy, at least on the front of storing value, which their currency is not capable of.