The Cryptoverse: Looking at the World's First National Cryptocurrency

The Cryptoverse: Looking at the World’s First National Cryptocurrency

On this episode of The Cryptoverse, host Chris Coney takes a look at Venezuela’s announcement to make the Petro the first-ever national cryptocurrency. Additionally, Coney talks about other top stories in the crypto world.

Also read: Dubai Eyes POS Devices for State-Backed Crypto emCash

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Venezuelan Petro to Become World’s First National Cryptocurrency

On Monday, October first, Venezuelan president Nicolas Maduro appeared on national television and announced the launch of the Petro, an oil-backed, nationalized cryptocurrency first unveiled in February 2018.

As part of the announcement, Maduro said the Petro will be a legal substitute for the bolivar, allowing it to be used in both industrial and consumer transactions. Thus, the Petro will theoretically become the first cryptocurrency both made by a government, and designated as an official currency for its country.

Shortly after the televised announcement, the Venezuelan government released a white paper for the cryptocurrency.

What does Coney think about this news? While it’s good that a government has recognized the benefits of crypto, Coney said, it won’t help solve Venezuela’s economic crisis as long as the government continues its socialist policies.

The Petro’s real use, Coney added, will likely be as a tool to get around trade sanctions placed upon Venezuela by other countries.

Other Top Stories

In addition to the news of the Venezuelan Petro, Coney looked at other top stories, Coinbase’s massive growth, and Gemini’s new insurance coverage for digital assets.

To hear the full stories covered on this episode of The Cryptoverse, and to see what Coney thinks about them, watch the entire video on YouTube.

About The Cryptoverse

On The Cryptoverse, host Chris Coney explores the hottest topics in the blockchain and cryptocurrency world. Coney provides his viewers with his thoughts on the subjects, while also presenting the facts so his audience can come to their own conclusions. To see Coney tackle the biggest topics of the day, subscribe to The Cryptoverse on YouTube.

Image via Chris Coney//The Cryptoverse

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