RE: Venezuela Will Back Its Cryptocurrency With 5 Billion Barrels Of Oil, Gold Deposits
In the next few years as most of the current fiat systems start to crumble, I expect to see a wide range of governments around the world to start creating their own national level cryptos as a replacement for their failing financial systems. With this something ELSE will be required to be used for international trade (as national level cryptos will only be used INSIDE each specific country, and outside that country will have no value). Bitcoin could very easily become this "international trade" currency in the future (a crypto that holds equal value across all borders, and is accepted as value across all borders), and what Venezuela is currently doing (backing their BTC with tangible commodities of value) is likely to be a growing trend throughout the globe in the coming years as we start to move towards this 2 tier (national level + international level) crypto-based financial system.
I expect that too although I dont know what the difference will be.
A country is not going to set up a decentralized currency. That would mean it loses control. Instead, they might set up a crypto they control which isnt much different than what we have today. The USD is basically a digital currency anymore.