With the announcement of the maduro president to issue and back a cryptocurrency backed by his government this 2018 is full of doubts as the first cryptocurrency could be looming to rule the of country venezuela.
The creation of a blockchain observatory was also made official, as well as with the president's official announcements of creating an official currency which would be backed by oil.
We could think of different scenarios which could be on the life of Venezuelans and their economy or could be just a guinea pig for the other countries with that future and have a disastrous effect in the country and all people know that venezuela its not in a good moment.
according to Decree No. 3.196 contained in the Extraordinary Gazette, the President of Venezuela has decreed in the Official Gazette the creation of the Superintendence of Cryptoactives of Venezuela, entity that will be in charge of the first issue "through auction and allocation" of the national cryptocurrency Petro. This decree established the equivalence between a Petro and a barrel of oil and its possibility of exchange for physical oil.
According to the Official Gazette Extraordinary 6.342, the basis of this certified material equivalence supposes the creation of more than 5,000 million tokens, specifically 5,352 million tokens associated with the estimated amount of barrels of oil in this field. This amount of oil is equivalent to more than 300 billion dollars according to the current price of oil.
He also said that the Venezuelan State will "capture" young talents with knowledge on the subject of cryptoactives, especially among those registered in the work plan called "Chamba Juvenil", which already has more than 860,000 registered, according to Maduro. These young people will help the Venezuelan state to create mining farms, although he did not clarify in what way.
The escenarios
financial block or restrictions
At the same time, as other opportunities have highlighted the Venezuelan authorities, both Vargas and Minister Hugbel Roa, emphasized that the Petro will be used to counter the financial blockade that some countries maintain against Venezuela. Roa also said that blockchain is a transparent technology with the potential to allow Venezuela to access new forms of international financing.
Maybe the people of Venezuela can enjoy a better economy even with the sanctions in the world against the government of nicolas or could it be a complete disaster?
but the debts of Venezuela are pending and among these is someone who does not care about it and is Chinese…
The monetary problem
inflation in Venezuela could end this year at 1400% percent, while during the last year the shortage of cash has worsened
However, there is a scenario in which the approval of the issuance of a cryptocurrency focused on the realization of domestic payments, the government can finance a certain amount by directly giving this cryptoactive to the people who hold the card, which would be a kind of airdrop , that is, a free distribution.
airdrop for people ?
the fact that it must be a currency adopted by the commercial or financial partners of the country, or, failing that, have an easy convertibility in the markets of cryptoactive that can be accepted by other countries or that can be converted into fiat currencies.
For example, if Venezuela wants to buy military equipment from China or cancel part of its debt with this country, then they should send petros to China or convert those petros to yuan in a house of exchange, say, like Bittrex. In that case, there could be some legal vacuum that allows them to make this type of transaction. If so, surely the pertinent steps would be taken to block them again. Otherwise, those countries that receive payments from Venezuela in this way could be pressured and even sanctioned for that reason.
The Chinese colony
Unlike banks, china does not buy debt meets with nicolas and negotiates an official loan a loan that does not return with money, returns with oil
but this also poses a problem which could be a new government to power,we must take into account that China has great debt power in Venezuela, which is also interested in remaining in control as it sold 350 million in anti-riots weapons.
But who is going to say no to your best ally and lender?
if China needs support for territory, oil, military bases or a prototype country for cryptocurrencies or the new silk road ?
Is there a better friend than someone who depends on you?
