Venezuela Announces “Petro” Cryptocurrency

Venezuelan Flag
Venezuela seeks to issue an oil-backed cryptocurrency.

Venezulan leader Nicolas Maduro announced on state TV that Venezuela will create its own cryptocurrency. Maduro announced the “21st century has arrived!” as he introduced the public to his idea during his portion of a 5-hour state TV slot. The new cryptocurrency will be called the “Petro”. Venezuela plans to back their cryptocurrency with their substantial nature resources including oil, diamonds, and gold. The hope of the Venezuelan government is that this will allow them to skirt US sanctions and conduct business with the world.

The Venezuelan bolivar has lost a remarkable 57% of its value in the last month alone as it continues its slide into oblivion. Wealthier Venezuelans are now mining and using cryptocurrencies as an alternative. Will the government cryptocurrency solve the Venezuelan currency crisis? It is difficult to know but it seems unlikely a government managed cryptocurrency will be any more successful than a failed government-managed fiat currency. Will the Venezuelan government even be able to successful implement this “Petro” cryptocurrency in its current state of dysfunction? Time will tell.

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Russia May Issue Crypto-Ruble

Is a Russian government sanctioned crypto-Ruble possible?

According to current rumors circulating in the crypto-sphere Russia under the leadership of Vladimir Putin is set to issue a national cryptocurrency dubbed the “cryptoruble”. While this may sound funny it is a very serious development, if true. The creation of national cryptocurrencies has been a huge area of speculation and interest. National cryptocurrencies may take away some of the decentralized aspects of cryptocurrency and lead to privacy issues. Nevertheless this is a huge development and will be tracked. As of right now Hashrate.org categorizes this as a rumor, not a fact. Fascinating!

Edit: This appears to be more than a rumor. Visit Russia Today’s article for more information: https://www.rt.com/business/406960-russia-issue-blockchain-cryptoruble-putin/