Cryptocurrencies vs Big Politics
Have you noticed that cryptocurrencies are especially popular in poor countries with high rates of inflation and unstable national currencies? On the contrary, the more thriving countries oppose the legalisation of cryptocurrencies.
It is not surprising.
Take for example Venezuela — a country with the highest rate of inflation in the world, a low standard of living, a long economic crisis and the sanctions of the USA.
At the end of February the sale of the national cryptocurrency El Petro started there. Its value is backed by natural resources. By means of a national cryptocurrency the government is trying to solve several problems at once: attract investments, cope with an economic crisis and inflation and do it all by passing the US sanctions!
“Today, a cryptocurrency is being born that can take on Superman” — president Maduro declared on TV.
Venezuela issued 100 million Petros in total. The sale came to its end on March, 19th.
The national cryptocurrency of Venezuela is backed by the oil, gas and diamond reserves of the country, although it is impossible to exchange Petro for oil or diamonds and its value will depend on the price of crude oil per barrel. That is, they expected to attract 6 billion dollars for 100 million tokens.
The reaction of the USA to the use of cryptocurrencies by countries wishing to solve economic problems has turned out to be severe. On March, 19th Donald Trump signed the decree which forbade Americans to make transactions with the Venezuelan cryptocurrency.
It is really outrageously! Someone among the American investors had certainly had time to put funds in the Venezuelan cryptocurrency. After all it secured by real gas and oil!
And here yesterday, on March, 20th, a bill was introduced to legalize cryptocurrencies in Russia. The talk is not about the creation of “cryptorouble” or a national cryptocurrency, but by means of blockchain Russia can try to solve the same problems as Venezuela. At least, by moving the cryptocurrency market away from the unregulated space, the government can fill up its treasury at the expense of new tax payers.
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