Cryptocoins at the Service of Sovereign Peoples?.

At the moment, some projects are being undertaken that call attention to the ecosystem of cryptocurrencies, from the beginning of the first attempts to develop a peer-to-peer payment method, without a trusted third party, until now some specialists or writers in diverse digital media they express their opinion in complete freedom, one of these cases is Venezuela, with its cryptocurrency the Petro, which will be in the blockchain. In this article we will review an article, which draws attention.

In an article by Marc Hochstein, the following is mentioned; “If Venezuela’s oil-backed cryptocurrency succeeds, and that’s still a big if, it could portend a whole new use case for the technology: fundraising for rogue states.” In this sense, the new technologies, blockchain-bitcoin, as pioneers help people to solve their problems, if they comply with their precepts and there is freedom for innovation to say or mention that there are “dishonest states”, because they make use of, it does not discredit and places it on the sidelines.

The financial systems and the world will simply have to live with these technologies, just as the Internet did in the past, it is necessary to know that cryptocurrencies such as bitcoin, ethereum and others are open networks, which is accepted as such.

In the cryptocurrency ecosystem, there is full freedom, there is no need for special documents to open an account and use a bitcoin wallet or wallet, the user controls the funds and is responsible for their origin of the capital used.

On the other hand, the technology that allowed Nakamoto to invent his cryptocurrency has served many applications and purposes, at this time when speculation and volatility make this crypto, has an acceptance on the part of the users is the decentralization and that no government or authority can manipulate, this is an attraction, although it does not have physical support.

In this sense, Venezuela with its President, Nicolás Maduro, announced in December the creation of Petro, this crypto will be backed by 5 billion barrels of oil, from this point of view, the endorsement may have greater acceptance than bitcoin, this is a big question that users and holders have to prove otherwise it could fail.

Last week, Maduro stated the following “that he had raised $ 735 million on the first day of a pre-sale of his cryptographic file, known as petro, and revealed a number of other details about the project.” “We still do not know much, including the network on which the currency will be executed: some public documents say it’s NEM, others say ethereum.” Therefore, there is uncertainty that will possibly clear up with the days.

Taking as premise that a Petro is backed by a barrel of oil with an intrinsic daily value according to the Venezuelan basket, likewise, Maduro, reported that the cryptocurrency will be legal tender in Venezuelan territory, will be used for the payment of taxes, salaries and salaries, some companies are forced to accept, the Petros can be obtained with the payment in bolivars, this in theory would be a use case for residents of Venezuela. That means that a sovereign State is producing full sovereignty of an asset created by the government.

In this sense, when analyzing the following statement by Marc Hochstein, “it is difficult to see a value proposal for external investors in a token controlled by a dictatorship. I could even argue that such a centralized configuration disqualifies the petro from being called a cryptocurrency in the first place. ” Therefore, when looking for information on the meaning of dictatorship, in Venezuela, on the website of the National Electoral Council (CNE), in Venezuela, 24 elections have been held in 18 years, in complete peace, according to the information provided by this governing body, then where that “Dictatorship” comes from, This is biased information.

Next, there is another information from the same source “But imagine for a moment that this scheme works. It could be an encouraging sign for other authoritarian regimes that have been separated from the global financial system by sanctions or penalties “(Monroe Doctrine)” economic. Venezuelan authorities have already met with their Russian counterparts to talk about the petro and, late last week, Iran revealed its own cryptocurrency plans. “

In the previous paragraph it is seen that it is a reality that there are possibilities that sovereign States can use their cryptocurrency to evade unilateral sanctions, that is to say that sovereignty can be exercised with crytos.

To conclude, the writer closes his presentation with the following: “This is the hyperconnected world in which we live today. Buckle up, buckaroos.

In summary, there is already a great concern in the traditional international financial system, crypto-currencies such as Petro, can be the antidote to eliminate or minimize the sanctions or financial punishments that are applied to sovereign States. Sovereign nations can now make use of cryptocurrency, through blockchain-bitcoin technology, to exercise sovereignty. It waits for new ads.

Reference: coindesk.com,  cne.gov.ve

Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.

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