Venezuela Announces New Cryptocurrency

DooKey

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Venezuelan President Maduro has announced that his country will now offer a new currency that he hopes will let them get around international financial sanctions. He calls his new currency the "petro" and it will be a cryptocurrency that's supposedly backed by oil, gas, gold, and diamond reserves. If this ever sees the light of day I'm not expecting too much out of it since he can't manage his hard currency. However, I'm sure a lot of our current crop of cryptocurrency speculators would be willing to at least grab a few to see what happens.

The announcement of the “petro” came during a Christmas special on state TV that featured five hours of seasonal songs and dancing. It’s unclear whether the digital currency will ever come to fruition. Few details were given. Maduro said the new cryptocurrency would help Venezuela “advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade.”
 
"We could fix our economy by not being dicks and have the sanctions lifted legally....nah...let's just come up with a shady way to bypass them!!"
 
Not sure why he thinks this new currency won't be subject to the same sanctions as his old currency. Wonder if this new stuff is mined, drilled for, or just will be created on his home PC?
 
The moral argument about using government currency kind of falls flat when people are resorting to cannibalism.
 
Can't print money fast enough... solution: make a new currency... lol

This is communism and socialism, folks.
 
Yes, all good, but how many Petro will it take to buy a roll of toilet paper in Venezuela?
 
Can't print money fast enough... solution: make a new currency... lol

This is communism and socialism, folks.

This.

Although I can't see this working since they are also having power shortages.
I expect this to be hacked and devalued as much as their current currency rather quickly.
 
The guy reminds me of a young Saddam Hussein. Looks wise that is.
 
Well, if anyone buys any of these whatever you do, do not put them on a USB Batman thumb drive and end up losing it at the Comic Book store. Stewart might find it, erase it and sell it for $10 dollars.
 
And starving people in Venezuela.

This... is truer than some would like... since it is illegal to trade in USD $ (if you get caught) what ppl are doing is that whatever your family outside the country wants to send your way is traded into usually bitcoin or paypal or ethereum, then it is arranged to trade it at XXX black market rate, they then deposit in a venezuelan account the ammount of that monopoly money that are the "Bolívares Fuertes" (strong bolivars lol), once the transaction is confirmed by a scrow the bitcoin/paypal/ethereum is finally passed.

5$/mont= minimum wage rate including benefits ATM in venezuela more or less just fyi.
 
"We could fix our economy by not being dicks and have the sanctions lifted legally....nah...let's just come up with a shady way to bypass them!!"


ya but this isn't about that, if he wants a way around sanctions he already has it, its called bitcoin. This is about him thinking that he can be another bitcoin and get a ton of international money pumped into that. Basically its a penny stock pump and dump scam run by a state. When this scam runs out he will probably have to reissue a new paper currency too. To be fair in words what he has, could have some attraction because a lot of crypto nay sayers like to whine about how its not backed by anything and he is offering to back it with something.
 
Now their currency will be as real as their food supply.

Ohh don't worry, the "Bolivares Fuertes" are pretty much as real as that already... i mean, look, if you want to cash out from a bank you are more or less only allowed to get 10cents of united states dollars per bank account per day more or less, with only retired people in the capital being lucky, bank dependant, in the sense that are usually allowed to take out more when their monthly retirement wage comes in.

And yes only in the capital city are people "lucky" to get the "new bank notes" in any useful ammount, with a big * next to the useful moniker since when they created their biggest bank note of 100k that was literally the same as the 100 note with the word thousand added in and a small hue change (VERY SMALL) the bank of venezuela would allow them to take out their monthly ammount fully in 3 to 4 100k notes, that afterwards the bank itself wouldn't take since they don't have cash to give you change.
 
Yes, all good, but how many Petro will it take to buy a roll of toilet paper in Venezuela?

That is a trick question as there is no TP in Venezuela!...

Ok ok i will stop posting just that this thread hits home in a literal way :p
 
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