Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: RapidRabbit on January 10, 2019, 12:53:15 PM
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Probably most of you have already heard something about crypto situation in Venezuela. Their government is trying to fight with crisis in this country by crypto technology, they've introduced national cryptocurrency called Petro (which, as government maintains, has cover in national oil reserves - what explains the name of coin) and now they've published a new decree that obliges all crypto investors to pay taxes in digital currencies (here you have an article on BlockChian24.co (https://www.reddit.com/r/BlockChain24/comments/aei3yy/venezuela_taxes_for_crypto_only_in_crypto/) subreddit about it)
But on the other hand, I've reed some articles about people living in Venezuela, who don't even know about Petro.
What do you think about situation in this country? You think it have a potential to become first fully opened on cryptocurrencies, or this whole case is only government noise made to cover their problems?
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I think that crypto adoption could be huge in coutries like Venezuela with big political and economical problems. The main problem is as usual the lack of knowledge of crypto by common people.. we need that more and more people know what are crypto before having a massive adoption.
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I think that crypto adoption could be huge in coutries like Venezuela with big political and economical problems. The main problem is as usual the lack of knowledge of crypto by common people.. we need that more and more people know what are crypto before having a massive adoption.
Exactly. It will take time for average Joe, to learn how to use crypto. It will happen, as nobody knew how to drive a car, when first models appeared, but now, everybody knows. Crypto adoption will go the same path.
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If many more countries aware of the importance of crypto, they may bring this as one of the good ways to solve the problem in their country. This is technology and advanced technology within in the crypto world. I personally will support their decision as long as it will not give more negative impacts to this crypto world.
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Cryptocurrency can be the alternative way to solve the crisis in Venezuela. But to remember that the government should apply proper strategies applicable for the condition in Venezuela. If the plan to utilize crypto works good, then the government must think about the sustainability of the program "Petro". In addition, don't forget to consider everything that may become the negative impacts of this program.
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You certainly found a country-which is the apogee for the entire crypto industry. Why even talk about her?
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Of course, they are great, they are trying to do at least something, but whether it will help them to change anything at least a little in the country and overcome this crisis with the blockchain technology, let's hope that they will succeed.
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For the situation, I really did not know what was happening in Venezuela. But I think this is the right step, by fighting the crisis using cryptocurrency. That means Venezuela understands and is aware that this technology is indeed feasible to become an economic future.
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Probably most of you have already heard something about crypto situation in Venezuela. Their government is trying to fight with crisis in this country by crypto technology, they've introduced national cryptocurrency called Petro (which, as government maintains, has cover in national oil reserves - what explains the name of coin) and now they've published a new decree that obliges all crypto investors to pay taxes in digital currencies (here you have an article on BlockChian24.co (https://www.reddit.com/r/BlockChain24/comments/aei3yy/venezuela_taxes_for_crypto_only_in_crypto/) subreddit about it)
But on the other hand, I've reed some articles about people living in Venezuela, who don't even know about Petro.
What do you think about situation in this country? You think it have a potential to become first fully opened on cryptocurrencies, or this whole case is only government noise made to cover their problems?
I think It is a good thing. I like read bout venezuela addopt crypto currency.. I hope other country do it too.
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I think it's a pretty bad example, because all that's happening now is an attempt to retain power in 1 hand.
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Whatever the background of the Venezuelan government took that decision, for me it was a progress. Because I believe, cryptocurrency and blockchain are part of technological progress. And I hope that the Venezuelan government will succeed. So that, it could be a trigger for other countries to follow in his footsteps
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I have not known this information carefully, so I don't have confidence in its development. But if indeed that is a good thing for cryptocurrecy growth and progress we must support it.
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I believe that this is the worst option that can go to the state, if it takes a vector for the development of the crypto industry.
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For me, Venezuela is only a testing ground, where we check how cryptocurrency can work if it becomes money.
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I hope it will be just a platform for testing all possible scenarios, and then later it will become our future.
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Probably most of you have already heard something about crypto situation in Venezuela. Their government is trying to fight with crisis in this country by crypto technology, they've introduced national cryptocurrency called Petro (which, as government maintains, has cover in national oil reserves - what explains the name of coin) and now they've published a new decree that obliges all crypto investors to pay taxes in digital currencies (here you have an article on BlockChian24.co (https://www.reddit.com/r/BlockChain24/comments/aei3yy/venezuela_taxes_for_crypto_only_in_crypto/) subreddit about it)
But on the other hand, I've reed some articles about people living in Venezuela, who don't even know about Petro.
What do you think about situation in this country? You think it have a potential to become first fully opened on cryptocurrencies, or this whole case is only government noise made to cover their problems?
I dont think so as we in on international News chaos are happening on the Country and it takes more complicated because the united states are directly involve these time I smell a regime change in due time. thats why i dont convince that Venezuela will become a Blockchain country.
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I dont think so as we in on international News chaos are happening on the Country and it takes more complicated because the united states are directly involve these time I smell a regime change in due time. thats why i dont convince that Venezuela will become a Blockchain country.
Crypto adoption is not the priority right now. The current situation in that country is a mess, thanks to dirty politics and power play.
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A rather bleak future awaits us, if we follow the example of Venezuela and arrange the same shock therapy.
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At the moment, things are going pretty bad in Venezuela, especially if we take into account the constant attempts of the revolution that are brewing there.
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We are believing to see the better side of crypto in the second quarter of this year 2019 instead of waiting for next 5 year's to come because if the stability of the coins take more time happen it may have some delay to attract more investors that would have invested more in cryptocurrency this year 2019.
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Venezuela is facing with too much of problems with USA, Socialist, EU and national money, cryptocurrency is not bad idea to resolve them but how they can do it when there is nothing in that country: no jobs, no foods, no wanters... I don't think Venezuela can general any true tokens.
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Venezuela has become the ground for an international theatre play... who knows what's really going on behind the scenes... if we take into account that most media are part of the same groups, it would be easy to spread misinformation ...
Venezuela could be a good opportunity for crypto to emerge, but it seems that the economy has already gone way below the surface, and from the news I don't see many people worried about using digital devices, but to find a piece of food to eat... if other countries would back that decision, it could have some degree of success, but like this...i don't know...
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Of course not. All that happened in Venezuela is a demonstration of low-quality policy and government work.
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Venezuela is now in a tough political crisis, the country is on the verge of a civil war. The opposition leader and he is the speaker of the parliament declared himself interim president, but the current president Maduro does not want to leave. A long economic crisis has led to a political crisis there. The situation is aggravated by the fact that this country is under the scrutiny of the United States and Russia. Rosneft has invested $ 6.5 billion in Venezuela, the Russian government has restructured debt in the amount of about three billion dollars. Therefore, Putin sent 400 men from Wagner’s private army to guard Maduro. If Russia loses Maduro, it loses its invested money. Meanwhile, the United States and the countries of the European Union have already announced the recognition of the opposition leader as the interim president of Venezuela. The situation is heating up. Apparently, without bloodshed will not do. Maduro regime has brought the country and its people to complete poverty. The situation was not saved by the oil-supported local cryptocurrency El-Petro.
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Even though I was far from a country that legalized crypto as a payment transaction, but I supported and was very happy to see this news, Venezuela needed time to introduce Crypto to their citizens, I hope that cryptocurrency can be received in all countries.
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Blockchain technology and crypto will make the world more advanced because data transparency, security and some developed countries have developed this technology, I think other countries will join in adopting crypro and developing their own coins in every country like Venezuela
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It seems to me that Venezuela is simply marking time, because even when they released Petro, they did not bring this coin to the world exchanges, but they trade domestically, so their results in working with cryptocurrency in my opinion seem to be zero!
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Venezuela is seeing record volume of Bitcoin trading at the same time as the government tries to get its citizens on board with its state-sanctioned Petro token. Chepicap had a chance to talk to Sebastian Serrano, CEO of the peer-to-peer credit network Ripio about the status of cryptocurrencies in Venezuela, as well as his opinion on the Petro token.
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Such crypto coin by government involves lots of politic and official corruption problems in the opposite of bitcoin.
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The petro (the cryptocurrency the sovereign bolivar is tied to) is doing something groundbreaking, however — it’s one of the first attempts to introduce a state-backed cryptocurrency. If the situation were different, Venezuela could provide a promising model for other nations looking to shift to a blockchain-based currency. But that’s not what’s going to happen in Venezuela. Instead, the petro might become a cautionary tale that could discourage other nations from introducing similar state-backed cryptocurrencies.
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The petro is designed to raise hard currency and to function as a payment method for foreign suppliers now that most transactions have been stymied by financial sanctions imposed by Washington last year. But some analysts see the petro as a desperate move to secure cash amid an unprecedented economic meltdown brought about by Maduro’s socialist policies. Venezuelans are now suffering from widespread food shortages, hyperinflation that could hit 13,000% this year according to the International Monetary Fund, and the collapse of the traditional currency, the bolívar.
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Maduro described the petro as a currency “that can take on Superman”. Claims followed that the digital tokens raised $735 million in its first day of release. But this did not stop the IMF projecting Venezuela’s 2018 inflation at 1,000,000% in July. Teunis Brosens, economist for global markets at ING, says: “It’s really strange to call it a cryptocurrency as the Venezuelan government is doing. It’s not really a cryptocurrency.” He explains: “A cryptocurrency proper is decentralised so it doesn’t sit well with a country and central bank issuing a cryptocurrency.”
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Venezuela began implementing Petro into commercial operations at the end of October so that the state-issued cryptocurrency could be used to pay for goods and services within the country. However, the Petro can be purchased only on the official website of the project, or at public offices, as it has neither wallet nor an active market. According to Cryptocompare data, it is not traded on any exchange as of the time of writing.
As the efforts aimed at promoting El Petro adoption has been futile thus far, the government has decided to force it on Venezuela’s citizens in the form of converting pensions into Petro without the consent of the pension holders. This came as a shock as older adults were counting days to receive this money and now they cannot make heads or tails of what is actually going on and how to get their Bolivars instead of some vague digital currency.
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cryptocurrencies in Venezuela haven't been boosted solely by crypto groups, but also by the Venezuelan government itself — despite the hard line it had initially taken on Bitcoin miners. Given the economic meltdown the nation was going through, and given that cryptocurrency had already enjoyed such an impressive ascendancy in the preceding months and years, the government announced in early December 2017 that it would issue its own oil-backed cryptocurrency, the Petro. While the Petro has been dissected and denounced by crypto experts and the Venezuelan opposition alike, it has at least had the inadvertent effect of providing a more favorable environment for non-centralized coins to flourish.
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It will be an instrument for Venezuela’s economic stability and financial independence”, promises a white paper published by the country’s government last month. Venezuela, the issuer of the world’s least stable currency, proposes to issue its most trustworthy in the form of the petro, a “sovereign crypto asset backed by oil”. A private sale of this promising new asset started in February. The government plans to offer it to the public on March 20th.
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Exactly. It will take time for average Joe, to learn how to use crypto. It will happen, as nobody knew how to drive a car, when first models appeared, but now, everybody knows. Crypto adoption will go the same path.
I have the same opinion, my friend, we are in the black, as long as all these changes have a good impact on our work and our world.
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Do you even know what that means? If we're really going to do this, then what's the point of doing it at all?
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I think they're still under development of using crypto to their country because as what you had stated some parts of venezuela doesn't have know what is petro all about.
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It does not seem that Venezuela has done anything fundamental, unfortunately they cannot even master the application of this technology, so this is a dead end country for the development of cryptocurrency!
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Venezuela, i wish crypto not death in the global trade or Worth. More wish want crypto everything is awesome.
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Venezuela’s cryptocurrency market is on the rise. The Maduro regime has been tightening controls on the economy and continues to reject humanitarian aid from any sources outside the country—a tactic to strengthen its political power. However, cryptocurrency technology is enabling a form of external aid through peer-to-peer cash mechanisms. Family members are sending cryptocurrency-based remittances directly to the recipient saving fee costs and time. People living abroad are donating cryptocurrency to domestic non-profit organizations to buy and distribute food within the country.
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Launched in February 2018, the oil-backed cryptocurrency Petro was developed by the Venezuelan government to evade U.S. and European economic sanctions amid the deepening political crisis. After launch, the controversial token was offered to several countries as an option for purchasing Venezuela oil at a discount, a move which all parties understandably denied. Now, the country is pegging the Petro as a monetary unit and even aims to pay salaries and provide pensions with the cryptocurrency.
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Now in Venezuela political, economic, humanitarian and other crises. President Maduro is fighting to keep in power, and is fighting, killing competitors and ravaging the country. The people are leaving Venezuela en masse. Therefore, it is very difficult to say what will happen next with their El-Petro.
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Petro is the first state cryptocurrency and a successful move of the government. On it Venezuela has already earned hundreds of millions of dollars. Maybe this will help the country better cope with the crisis.
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i think yes!petro is first state approved crypto and currently in venuezuella having economic and political crisis.cryptpo can help them to overcome situation
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Cross yourself, please. If this is really our future, then I'd rather sell it and run away, because it's death.
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Venezuela's cryptocurrency is not the future of cryptocurrency.It is only an attempt to circumvent sanctions and the imposition of dirty policies and an attempt to manipulate one's own people. I doubt that somewhere in the mass will use the cryptocurrency.For the cryptocurrency to become the future,it is necessary that all countries,governments and banks adopt it, so that there are clear and transparent laws to regulate it.
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Guys, quick disclaimer from OP. I had written that post when I was quite excited about petro's possibilities. This idea of crypto saving country from crisos... But now, after few months, I see it was just one of the biggest scams in cryptoworld.
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petro has been there for a long time. there way controversies surrounding the project when it was introduced. Madoro the president is yet to move the country out of inflation and people are leaving for survival. the project is good but i don't see more the benefits because people needs fiat to purchase cryptocurrency.
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Be that as it may, this is a good step towards promoting cryptocurrencies to the masses. Maybe people will stop being afraid of them at last..
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In a different political situation, it is possible that the Venezuelan El-Petro would play a positive role for the economy of this country. Unfortunately, however, President Maduro did not take advantage of this opportunity. His political confrontation with his parliament, inept leadership of the country, aggravation of relations from the USA, international sanctions played a negative role and brought the country to the brink of disaster. Now the country is on the verge of civil war. This is a very negative impact on the state of the national cryptocurrency El-Petro.
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Venezuela is an example that crypto currency is needed as soon as possible. With the highest degree of inflation in their country, their money is useless. With that lesson, we will experience that in the future and we will have much more inflation than Venezuela.
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I do not know much about politics myself, but I think that a modern approach to the economy will help Venezuela.
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I believe that any country should not use cryptocurrencies as a way out of the crisis. This should not be the basis of the exit.
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Exactly. It will take time for average Joe, to learn how to use crypto. It will happen, as nobody knew how to drive a car, when first models appeared, but now, everybody knows. Crypto adoption will go the same path.
I have the same opinion, my friend, we are in the black, as long as all these changes have a good impact on our work and our world.
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Well, using crypto to avoid crisis is really cunning decision.
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Well, using crypto to avoid crisis is really cunning decision.
However, even the states' own centralized cryptocurrency must be used wisely. I closely followed the activities of Maduro and his El-Petro. He made a lot of political and economic mistakes, so his cryptocurrency, backed by oil, did not bring the country economic growth. As a result, El-Petro brought cryptocurrency more negative than positive.