 |
| Venezuelan President Maduro announces the petro cryptocurrency |
The first government to adopt a cryptocurrency as the "official unit of account" is the socialist totalitarian hellhole, Venezuela.
Venezuela is set to begin using its "petro" cryptocurrency as an official accounting unit, according to the country's president, Nicolas Maduro.
ABC International reported the development on Tuesday, citing a televised announcement by Maduro.
The central bank will begin publishing the price of the sovereign bolivar as it relates to the petro "and the price of the petro according to international currencies," ABC reports. Similar moves will see the country's salary and pension systems tied to the petro's value.
Of course, the problem with the crypto petro is that like the bolivar the central bank can create as many petros as it desires just like the bolivar but worse than the bolivar, with the petro, it will be easy to track all purchases made and by whom.
The birth of crypto totalitarianism is upon the people of Venezuela. A very scary thought in a totalitarian state such as Venezuela.
Robert Wenzel is Editor & Publisher of 
Anybody can make a cryptocoin. Doesn't mean it is a good cryptocoin. This petro is a mess. It's not decentralized. It's run by socialists. I am guessing they only made it so they wouldn't have to print more cotton bills to circulate.
ReplyDeleteIf the Petro is tied in value to other country's currencies, does this make it a crypto currency board?
ReplyDelete