Venezuelan government crypto

guise venezuela is bankrupt as fuck, this shit is going nowhere, it's probably just a front to wash money and milk the last buck they can before they fuck off

Like IOTA, just hop on the "crypto" bandwagon

They could make it legal tender, incorporate automated taxes/transaction fees with it, having only government run distributed masternode system ran by many different state entities and especially local governments.

Implement the option to automatically pay VAT and register your merchant account.

Register your merchant account for automated accounting.

If they actually do it well it could effective the economy a lot and provide revenue for the state in the form of very efficiently gathered taxes.

>doing it well though

Venezuela is not Singapore.

Venezuelans are not Swiss.

Hell, Venezuela's oil isn't even comparable to Dubai's.

This is a scam by the type of idiots who still believe in socialism.

That said, even the best-run, most freewheeling ancap country will have a hard time implementing a crypto for those things like you're suggesting. Just to get where they are, the traditional financial and political systems have required decades of work.

You know; maybe he's legit and just wants to fuck over the central fiat bank?

PetroAllah coin 2019. You've been warned. Aloha Sneaker Bar to you my frens.

Chad move from el presidente

cryptocurrency by a country that doesn't understand economics, no thanks.

Can't wait to short it on Bitfinex

nothing better than a goverment pnd

You niggers can't realize what this means?
Even if it wasn't digital at all this is going to be backed by actual things, Maduro will either get Libya'ed within months or he will accelerate the demise of the Fed and the end of the banking kike

>Even if it wasn't digital at all this is going to be backed by actual things

Yes, and we can trust Maduro to actually let you redeem things at will this way. Totally.

Cause, you know, otherwise the word "backed" is fucking meaningless.

We won't truly know until it's out, but it would never take off at all if they didn't redeem the tokens, at least during the first months/weeks

>Hell, Venezuela's oil isn't even comparable to Dubai's.

Venezuela is the country with the biggest oil reserves in the world.

Yes, but it's all heavy crude that needs serious refinement. You can't just easily sell it. And guess which gang of Latin American fuckups are too shortsighted to maintain refineries?

I don't know about you guys but I'm pretty excited to hop on this and drop a few BTC on this at least at the onset to ride the initial waves of pumps that you KNOW he'll force and control. May even have a bilateral system running like tether to "guarantee" the backing.

Maduro con queso

This will be a really fun and crazy ride, I'm all in with petro. USA will go full damage control.

And PdVSA was once one of the biggest refineries in the world. Even today is very important. Maduro won't be there forever and future presidents can make PdVSA big again.

It's fucking happening.
Maduro may be the first one with the stones to do it, but realize this is foreshadowing plans that other countries already have under the table.
Just wait until the US comes out with their own cryptopetro.

>first crypto backed by something real

i see petro mooning huge

meme country in this zone, they don't have food, they don't have anything just a their stupid oil and their doesn't know how to use or sell it, this is just a retarded idea.

I tell you anons, I see everyday a venezuellan people asking me money or food in the street, every day they are just running away from their country, just don't bite this

when is the ICO starting?

Venezuela may not be doing to hot, but a memecoin backed by literal fucking oil has potential

What could go wrong.

Its now like low oil prices have hurt their economy before...

I trust tether 1000x more than Venezuela

We have those. They're called oil futures (and, for poorfags, oil stocks/ETNs).

trusting a Venezuelan with anything related economics or finance.
his country is in economic shambles right now and about to defualt on loans unless they sell themselves to Russian companies which will keep them in debt until russia needs political or military favor.
>ISHYGDDT

Even if the supply is limited ( it's not ) i would trust shitskins to not modify the code to make it printable infinitely even less than jews and chink ( like beecash ).
The only infinitely printable coin i trust out there is monacoin, because the devs are nips and nips are genetically the least retarded, most trustworthy people out there.