[mdittmar]

I'm dumping all my Bitcoin,getting in on the ground level of the petro;)

Here's an old song I like.

Stranglehold-Ted Nugent live 1976

[Publius]

All your links are to You Tube tunes. You have no link to the actual article.

[House Atreides]

Why not tie it to the Venezuelan bolivar? /s

[M Kehoe]

Isn’t crypto currency capitalism?

Maduro and his regime won’t be able to create a blockchain technology to compete with Bitcoin.

Imho.

5.56mm

[COBOL2Java]

Venezuelan cryptocurrency? What could go wrong?

[JudgemAll]

Amazing, a communist resorting to capitalism to avoid consequences for his destruction of money

This is typical. I have met a lot of leftists who vote for Obamacare and do all they can to avoid that system, starting with the craven parasites called Congressional aids

[PAR35]

Oil reserves - high sulfur tar that they can’t get out of the ground. Production is about half of what it was before nationalization.

[E. Pluribus Unum]

All you blockchain are belong to us!

[KarlInOhio]

How does a digital currency work in a country with so many problems providing electricity? Will you store your digital currency by using Bolivars with holes in it like punch cards?

[deoetdoctrinae]

Personally I like the idea of a currency based on these. I've liked them ever since they were introduced at the 1982 World's Fair.

[DUMBGRUNT]

I think there is a typo in the headline?

Should read:
Venezuela to launch oil-backed kleptocurrency

[ctdonath2]

It can only be oil-backed if it’s actually backed by oil - which if Venezuela could actually produce in sufficient amounts, such wouldn’t be needed.

And if V could produce a string crypto currency, oil backing wouldn’t be needed.

Any predictions on how many weeks until this collapses, either by inability to exchange for oil on demand, or by the crypto being cracked?

[Celerity]

I’m here to announce my new currency, the Celero.

I couldn’t make enough “Dollars” so instead I’ve fired up Photoshop and my Epson printer to bring to you a new currency - the Celero.

This is better than Turkey just “removing zeros”.

[catnipman]

a paper currency claimed to be “backed” by ANYTHING in a dictatorship isn’t worth the paper it’s printed on ...

[catnipman]

“He could now be seeking to pay bondholders and foreign creditors in the [fake ‘petro’] currency amid a plan to restructure the country’s major debt burden, opposition leaders said, but the plan is likely to flop.”

Why not just use Monopoly money to pay off the bonds? After all, it’s probably much more accpetable than the ‘petro’ ...