Quote from: nulltxmark on September 28, 2019, 12:03:34 AM

When it comes to cryptocurrencies, no stone should be left unturned. That applies to both individuals and entire nations alike. Venezuela, a country known for its rather hostile approach to Bitcoin, might be on the brink of openly embracing the worlds leading cryptocurrency. The national central bank is conducting surveys to see if Bitcoin can become part of its foreign reserves.

Venezuelas Situation is Dire

Most people are all too aware of the problematic financial situation hampering Venezuela for several years now. The country no longer just suffers from regular inflation, but has to contend with hyperinflation every so often. It puts a lot of strain on the economy, and there has not been a viable solution in sight. Contrary to what everyone had expected, Bitcoin might effectively become the saving grace of this country after all.

After attempting to remedy the dire situation for some time, the Venezuelan central bank has seemingly thrown in the towel. More specifically, they are conducting tests to see if cryptocurrencies become part of the nations foreign reserves Accessing foreign funds primarily US Dollars has been very difficult due to current regulation and sanctions. New solutions need to be found, and the only global form of money on the market today may offer the solution the country so direly needs.

I very much highly doubt that any government will openly embrace a technology whose foundation is based on decentralisation.

Let alone the Venezuelan government which has had a track record of economic mismanagement, as well as being a direct competitor to bitcoin essentially with their Petro project (which has gone to crap). What incentive is there for them to "help" the Venezuelan people? Close to none, really.

I believe that the most likely outcome is that they will continue to be essentially pushing Petro adoption, more than anything (or perhaps a revaluation of their currency?) which is no different from their current fiat.