Quote from: so98nn on August 16, 2018, 05:49:11 PM

Quote from: alexeycmexa on August 16, 2018, 04:44:34 PM

The national Assembly of Venezuela is preparing a reform of the country's Constitution, which provides for the creation of a crypto-currency Central Bank. It will be the Central Bank" with its functions in exchange, monetary and financial policy, and the Central Bank will be involved. In Venezuela, from August 20, a new denominated currency will enter into circulation the Sovereign Bolivar (Bolivar Soberano), tied to the national crypto currency Petro. On Monday, the country's President Nicolas Maduro (Nicolás Maduro) said that the country will begin to operate a new system of wages and prices, also tied to Petro.

I'm afraid this move might just backfire for both Venezuela and cryptocurrencies in general. Launching your own crypto, to salvage your crippled economy does not seem a very sound measure.
Secondly other developed countries, might just see this as a dirty trick to by pass trade laws, thus damaging bitcoin's image.

Yeah the IMF might look at this as an attempt to walk out on their debt. I guarantee someone will come in and clamp down on it somehow. Maybe they'll establish a form of tracking system for transactions.

What if Venezuela is a test pilot for the world economy? A crash dummy to see how hard it is to destroy an economy with hyperinflation and massive amounts of debt before "rescuing" it with a new form of currency... one that will, of course, be closely monitored by the government and strictly prohibit any "leakage" in the form of unclaimed income.

This could be the next step towards tighter monetary controls. We have it quite easy right now if you think of it, and the old weapons of devaluation and inflation don't seem to be working so well for governments.