[Blockchain] Economic crisis and escape waves Can Venezuela rely on "currency coins" to reverse the crisis? | CNEWS newsletter

 [Blockchain]  Economic crisis and escape waves May Venezuela rely on

Huiliu News Network reporter Lan Liqing / Comprehensive report

Venezuela recently faced a currency crisis and a serious lack of food and medicine, making 2.3 million inhabitants Escaped. The government is now trying to find help with cryptocurrencies. Besides issuing "coin coins" and setting up central banks for cryptocurrency, it also plans to build cryptocurrency dishes and mines.

Venezuela has a weakness for cryptocurrency: in February of this year it issued the world's first legal virtual currency "PetroDollar" (XPD), issued by sovereign countries to avoid the financial blockade imposed by the United States.

Unlike cryptocurrencies, which require a lot of power and computing power, "excavating", the total number of coins issued is a total of 100 million, which is sold directly by the Venezuelan government. 1 petroleum item equals about 60 US dollars, about the equivalent of 1 barrel of oil. The state-owned oil company PDVSA will start trading on the oil coin on the 20th of this (8) month.

Due to inflation problems, Venezuelan nationals have bought bitcoin to safely cover. Since June of this year, the weekly trading volume of local Bitcoin has more than doubled.

In addition to the issuance of petroleum coins, the government in the constitutional amendment of the central bank for cryptocurrency also wants to set up an independent cryptocurrency court that is higher than the Supreme Court and is expected to launch a "cryptocurrency mine", hoping 100 to attract. Ten thousand students participated in the mining industry. In order to save the national economic crisis, Venezuela was active in the field of cryptocurrency.

Analysts pointed out that oil items with "centralization" characteristics still have the problem of excessive currency and poor management, leading to the ultimate worthlessness. This does not differ from the local currency whose value has decreased, and is also issued by the Venezuelan government. management.

The US government is not optimistic about the future development of coin coins & # 39; and believes that this is only an extension of Venezuelan bonds, but it still falls within the scope of the sanctions. US President Trump signed an executive order in March of this year to ban US companies from trading coins with citizens. The Indian government refused to accept the use of petroleum coins for trade.

Since February of this year, the Venezuelans have left the country and travel to Peru, Ecuador, Chile and other countries.On the eleventh of this month the Peruvian influences of Peru reached a new high, with a total of 5,100 members . From Ecuador to Peru, in 2017 (2017) there were 385,000 people who entered the country.

More news network from Confluence reported:
The Philippines examines the possibility to issue digital banknotes from the central bank
Concerned about undermining economic stability Hanyin: Pushes the digital currency of the central bank

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