Cryptocurrencies rely on confidence in clear rules and equal treatment of all involved, three experts said, adding that Venezuela is widely seen as flouting basic property rights and mismanaging its existing bolivar currency. Without such confidence, the ‘petro’ would neither help Venezuela raise funds nor help it avoid sanctions levied by the government of US President Donald Trump. “But if an administration has a history of unfair treatment of the population, then tacking on a buzzword like ‘cryptocurrency’ isn’t going to change that behavior.”Enter ‘petro’: Venezuela to launch oil-backed cryptocurrencyThe Information Ministry did not respond to requests for comment. Maduro has not outlined the rules that would govern the proposed currency, including what rights its holders would have over Venezuela’s oil reserves. “Even if the technology were proper and prevented government meddling (impossible to imagine), it is dead on arrival.”Read full story

Source: The Express Tribune December 06, 2017 06:00 UTC