Venezuela's Maduro Orders Banks to Adopt Petro Cryptocurrency
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It is funny that he has to order them to adopt the Petro. He was given the option of using bitcoin or creating his own. Now he is the only "miner" of the "petro" which is missing the most important part of any crypto.
It should be a Distributed Decentralized Crypto currency.
If the President is the only one who creates the Petro coins, it is just as worthless as the paper he creates.
It is a centralized cryptocurrency but is cool to see how this experiment will evolve.
Too bad there has to be such a crisis for this to happen ...
I don't want to live there!
Few months back, Venezuela offered Indian government that if they buy petrol from Venezuela, they will give flat 30% discount. Only thing was Indian government has to make this transaction in Petro. This proposal was very useful for ordinary people as the petrol prices were going to get stable at below lows. But as the government is opposing crypto every time, Indian government refused this offer.
Venezuela government is taking a good step by asking banks to adopt Petro.
This will create an effect on other countries to follow this experiment, maybe!