Venezuela using “crypto” as a means of settlement with Brazil —- who wants their fiat currency?
Venezuela for the first time is using it’s infamous “oil backed crypto” as a means of exchange with other countries.
You can understand how another country does not want to be taking a Venezuelan Bolivar that is losing value every week.
Is this something we will see with other countries over time? I would say yes.
Quite a few countries are in a pickle with their fiat currencies losing value. Other countries will definitely be looking at this need as the rubber hits the road with their own currencies.
This is not a US problem today, but you do so some countries trading in non-US dollar denominations.
I think this is probably a first. I don’t think we have seen a country use crypto for “inter country Settlements between countries.”
We will see how this works.
This is a good news for the cryptosphere, because it shows how important they can happen to be.
I agree. And if you think about it, there is only crypto gold/silver, barter. Crypto is by far the most convenient.
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without the oil backing it would be worthless as fiat, but good to see it being used already
Agreed, at the same time it’s a acknowledgment by a country that “real assets/crypto” are better than fiat.
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Thank you El Surtidor.
I agree, if this catches on with other countries cryptos are off to the races.
This was discussed as perhaps what Bitcoin may be in a few years and now we see it with a much less known crypto currency. Took me by surprise.
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