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RE: Venezuela to create Oil-back National Cryptocurrency "the Petro"
I just wrote about this this morning as well, and in my opinion, people like this Venezuelan president guy only ever do things for themselves, and sadly, I believe this "Petro" coin is another one of those things:
I'm gonna quote this from Acydo's post "I don't think it will hurt trying it out as long as the currency remains open-source and public as most blockchain technologies" If they decide it to do it this way, maybe, just maybe, things might turn around. From the goverment nothing really surprises me, believe me, we have seen it all, all they can do just to keep staying in the power.
I doubt it, but it will most likely resemble the Chinese coin they are coming out with, which will most likely be private, secretive, and completely traceable.