Cryptocurrency Mass Adoption in an entire country!

As hard as it may be for some of you long suffering crypto enthusiast to believe it finally has happened! Yes a countries government has wholeheartedly embraced cryptocurreny and has distributed it to all its citizens, as well as the government has distributed to many thousands of businesses the machines they need to process cryptocurrency transactions!

This is an amazing development which has been under the radar and not making headlines!

I think the Madura story is amazing because this is a major South American country, which was once very wealthy and could be very wealthy in the future, which is now going to encourage fiat to cryptocurrency trading and paying for goods and services with cryptocurrency. This is big news. One of the highly touted characteristics of cryptocurrency is its potential as a good store of value and easily transferable store of wealth. While the fact that all OPEC nations sell oil for dollars has no doubt helped cement the US dollar into its position as a dominant world currency, backing of the Venezuelan Cryptocurrency the Petro with a barrel of Venezuelan oil was a bold financial move that could have started a process ushering in a new financial world order. Bitcoin was and is disruptive, but a cryptocurrency backed by a barrel of oil, one of the worlds most valuable commodities, redefines the word disruptive and takes it to a whole new level.

This news story was recently published by the website Cryptonews and I found the article in a post written by @vlemon link

Picture Source

The story:

Venezuelan president Nicolás Maduro has authorized Petro-to-fiat trading, and says his government will provide the necessary technology to all business holders in the country who want to start accepting crypto pay.
Maduro stated that his move – effective as of October 23 – would allow the “three million” Venezuelans with Petro holdings to convert their tokens to fiat, including bolivars, per reports from Panorama and Correo del Orinoco.
The president also urged merchants and business holders to consider moving to cryptocurrency pay solutions, in a bid to revitalize the country’s economy.

President Mafuto was quoted as saying:

If you have a good store, a good supermarket, or sell household appliances, join the cryptocurrency [pay] system, we will provide you with the technological means of doing so.”

President Maduro went on to say

that he would “surprise” Venezuelans “in the coming weeks” with new economic measures related to the digital economy and cryptocurrencies.

President Maduro also announced that the government would begin handing out USD 3.6 million worth of Petro tokens to state authorities in bi-monthly handouts.

Venezuelan President Nicolás Maduro has announced that the central government will hand out a total of USD 543,700 worth of the state-run, oil-backed Petro cryptocurrency to each of the country’s 23 states on a bi-monthly basis.
In a televised address, Maduro stated that he would oversee the handout of 1 million Petro tokens (USD 23,640) each to the country’s federal state governments every eight weeks – in an attempt to boost the usership of the oil-backed token. Source

The Petro is the Venezuelan state’s own, oil-backed cryptocurrency. Although the United States has banned it, and threatened companies or countries dealing in the token with economic sanctions, Maduro claims that a number of international parties have already traded with Venezuelan companies in the Petro. However, he refused to name the companies in question in case Washington attempted to take retaliatory action on the firms.

Venezuela’s Petro chief recently spoke about the token at a blockchain event in Moscow, and Caracas remains keen on convincing Russia to trade in Petros or other cryptocurrencies.

Hold on yo your popcorn folks ! Things are getting mighty interesting!

✍️ written by Shortsegments

Read other articles by me on the Steemit Social Media Platform, where writers get paid for their content by the community by upvotes worth the cryptocurrency, called Steem.

Read my Steemleo investment Blog

Please follow my Twitter Feed Here

Shortsegments is a blogger or writer on the Steemit platform, where writers, photographers and video bloggers, along with other content producers get paid for posting their content. Steemit is a decentralized social media platform on a blockchain called Steem. A very important difference between Steemit and centralized platforms like Facebook, Instagram or YouTube, is that there isn’t a central authority or owner to take your account away from you and your account can’t be deleted. You are the owner of your account. Find out more at this Link

Steem Onboarding helps you apply for an account and is a series of videos which explains how Steemit works. You don’t need to understand everything about the blockchain to post content and our Onboarding help is available in six different languages.

😅😊

---

Posted via Steemleo | A Decentralized Community for Investors

Posted via Steemleo