For one reason or another Venezuela has been at the top of the headlines for some time now. From attempted coups to health issues Hugo Chavez has retained his relevance some way or another on the global stage. In recent times economic downturn, civil unrest set the stage for what were witnessing now which is a full on economic collapse. With these kind of problems one has to think outside the box for solutions, and I believe Venezuela may have actually done it.
The most recent addition to the Venezuelan situation revolves around the creation of a state backed cryptocurrency. I hate to say it but I didn't DMOR (Do My Own Research) into what the cryptocurrency really was, and when I did hear about it I let myself believe the media slant. Like many I assumed that it was a last ditch effort of a failing economy trying to scam some of that easy money thats been going around as of late.
After walking into a random conversation with some people on the Steemspeak discord last night about I began to look at the Venezuelan cryptocurrency in a much different light... and tbh I feel like such an idiot for not realizing any of this before.
Its literally called petro, almost like its a big its a big middle finger to the petro-dollar... actually it is a big middle finger to the petrodollar, and with the Venezuelan oil producing infrastructure still not quite up to par yet, and the continued FUD about the situation I'm looking at this as a really good early buy.
Venezuela now has a way to transfer money/the rights to oil almost instantly across the globe that cannot be stopped by any 3rd party intermediary. Theres literally nothing stopping Venezuela from skirting sanctions and circumventing taxes. On top of that with all of the talk about tether audits, and price stable currencies Venezuela may have successfully created the most verifiable tether on the market that can act as a huge source of liquidity for cryptoinvestors.
I've really only just begun my descent into this rabit hole so if any of you have any insight, or even an alternative perspective on this I'd love to hear it.