They just keep coming up with awful ideas which will most likely end up being failures. First, the Petro, a cryptocurrency that no one uses, has no legitimacy, and was clasified as a "scam" by a lot crypto sites
[1], and now a central back for cryptos? Terrible idea.
Another crazy idea or does the idea have potential?
Do you even need to ask that question?
A country that's going through its worst economic crisis in its history, with a dictatoship that doesn't care the hyperinflation might reach 1 million percent by the of the year
[2], wants to create a central bank for cryptocurrencies (which is the last thing cryptos want, a central bank system) because the govt wants to have more control over its citizens...No, I don't think this idea has potential.
Tbh, a central back for cryptos is the last thing the citizens of Venezuela need, they need food, electricty, medicines, etc.
1.
https://www.bloomberg.com/news/articles/2018-04-03/crypto-rating-sites-are-already-calling-venezuela-s-petro-a-scam 2.
https://www.theguardian.com/world/2018/jul/24/venezuela-inflation-million-percent-imf-warningI'll second this it keeps getting worst and worst for them, there was no clarity in launching and running petro, and it was only a matter of time before it was dubbed scam. I am surprised they're focusing on launching a central bank for cryptos, when their top priority should be tackling the menace of inflation, at this current rate they're looking for a total economic disaster, and recovering from it might be really difficult. I see no merit in this idea, hopefully they won't pursue it.