4 ms·

> The Venezuelan government would way rather its citizens use BTC over USD or Colombian currency, in order to ensure inflation/deflation is globally decided by

> The Venezuelan government would way rather its citizens use BTC over USD or Colombian currency, in order to ensure inflation/deflation is globally decided by neutral parties, rather than decided by a single foreign entity with potentially malicious intent. No, the Venezuelan government has tried to create its own cryptocurrency called the Petro in order to have control of it. https://www.reuters.com/article/us-cryptocurrency-venezuela-specialrepor-idUSKCN1LF15U https://www.reuters.com/article/us-cryptocurrency-venezuela-...

yazaddaruvala 6y ago
Of course they did! They want control. Meanwhile, the population doesn't trust its government and wants a non-Venezuelan controlled currency. Legitimizing crypto currencies by creating one, without increasing trust in the government just results in more of the Venezuelan people buying a denationalized crypto. > It’s possible that, as Jiménez suggested, Venezuela’s peer-to-peer bitcoin activity wouldn’t be where it is today without crypto-friendly initiatives from the government itself. It’s also possible that bitcoin adoption in Venezuela may be driven by the sheer rate of Venezuela’s hyperinflation, which outpaces other crisis economies. [0] [0] https://www.coindesk.com/bitcoin-adoption-venezuela-research https://www.coindesk.com/bitcoin-adoption-venezuela-research