Why Venezuela’s New National Cryptocurrency El Petro Will Fail

Washington and legacy media are in a tizzy about Venezuela reportedly thwarting international sanctions by way of a dreaded state-backed cryptocurrency. A closer look reveals several stumbling blocks for the Bolivarian Republic: nonexistent reserves, hyperinflation, centralization, and the impossibility of actual redemption. The attempt will fail, if it’s ever rolled out, adding woes to a region […]

The post Why Venezuela’s New National Cryptocurrency El Petro Will Fail was originally seen on: https://www.justbitcoinnews.com/

Comments

Post a Comment

Popular posts from this blog

Swiss National Bank Board Director: Central Banks’ Interest in Issuing Crypto Has Waned

A board director at the Swiss National Bank believes that there is now less interest in issuing a CBDC, but added that it could still have “big” implications. Thomas Moser, a board director at the Swiss National Bank (SNB), believes that central banks’ interest in developing central bank-issued digital currencies (CBDCs) has now waned, Business […] The following article Swiss National Bank Board Director: Central Banks’ Interest in Issuing Crypto Has Waned was first published to: https://www.justbitcoinnews.com/
Read more

Coinbase Inquiry Finds No Improper BCH Trading Took Place Prior to Launch

An inquiry by leading United States-based cryptocurrency exchange, Coinbase, has found that no improper trading took place last December surrounding the launch of its Bitcoin Cash pairings. Also Read: SEC Postpones Deliberations on NYSE Arca Bitcoin ETFs Coinbase Inquiry Finds No Insider Trading on BCH Markets A Coinbase spokesperson has confirmed that the investigations into potential […] The following blog post Coinbase Inquiry Finds No Improper BCH Trading Took Place Prior to Launch is courtesy of: https://www.justbitcoinnews.com/
Read more

Markets Update: Crypto Prices Consolidate After Some Volatility

Cryptocurrencies markets have been volatile and very indecisive over the last 48-hours as the entire digital asset economy lost billions in value since US regulators postponed their decision concerning the Cboe/Vaneck BTC-based exchange-traded fund (ETF) last week. This Saturday, August 11, during the afternoon’s digital currency trading sessions (EDT), cryptocurrency trade volumes and price values […] The following post Markets Update: Crypto Prices Consolidate After Some Volatility is republished from: www.justbitcoinnews.com
Read more