Quote from: Coyster on February 21, 2021, 11:13:31 PM

Quote from: Hydrogen on February 16, 2021, 11:16:41 PM

Venezuela's situation could closely resemble nigeria's. In the future we may see nigeria's central bank roll out its own cryptocurrency identical to venezuela rolling out their ill fated petro years ago.

Imo, this countries are 'firing at the wrong target', both the Nigerian and Venezuelan economy has definitely seen better days, thus I don't see why their governments should stand as an opposition to decentralized cryptocurrencies, Bitcoin acts like a sort of panacea to the problems of quite a lot of citizens from this nations, and the thing is, it could also positively affect the general economic situation, when citizens make 'extra' funds, they could start small-scale businesses which invariably becomes a plus to the nations microeconomics, and also, basically just having more money to spend (which Bitcoin provides) is economically beneficial, and that's the same reason why some countries give out stimulus bonuses.

Having said that, I think it's a really counterproductive decision for a country that's battling with inflation, hyperinflation or a comatose economy like that of Venezuela to work on launching CBDC's, cause it's still going to be controlled by them, and backed by either their constantly devaluing fiat, or whatever resource the country has, that's still already affected by the said inflation. It's a misplaced priority if you ask me, the Nigerian/Venezuelan government should basically just allow Bitcoin thrive in their shores as they seek ways to awaken their near-dead economy.

Governments for the most part think they can get away with everything, and if we are honest why should they think otherwise when so far it has been true? The government of Venezuela got away with so many things and yet a sector of its population kept celebrating the actions of the government when for the rest of the world it became obvious that no one will invest in the country anymore with those policies in place, now that day has finally come and the government is trying to do everything to remain in power even if it means trying to block bitcoin, one of the few ways some of their citizens have found to avoid abject poverty.