Venezuela Turns To Crypto Tech

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As the Venezuelan bolivar is plunging, President Nicolas Madura recently took to the stage to announce a new Cryptocurrency that aims to alleviate the country’s current economic crisis.

News giant, Reuters reported that Madura said during a Christmas special that was televised, the new Cryptocurrency would enjoy the backing of commodities, such as oil. At this stage it is unknown when this new Cryptocurrency will be launched or what it will be called. Regardless, the announcement has caused quite a stir in both Venezuela and the crypto community, as it has been met with both enthusiasm and disbelief.

According to Madura, this new Cryptocurrency could be the answer to country’s “financial blockade”. In a statement that was published on the government’s website, Madura said; “The country will create this new Cryptocurrency to move towards new ways of international financing so that the country can develop with regards to its economic and social development”.

President Madura has been in office since 2013. Not everyone in Madura’s cabinet seems to be on board with his new plan. Reuters reported that the opposition leaders have dismissed the idea and said it holds “no credibility.” Some even called Madura “a clown” after the announcement.

Venezuela is going through an economic crisis following rapid inflation in the local currency, the bolivar. Many countries have, in the past couple of years, turned to Cryptocurrencies and Blockchain technology to alleviate both personal and national economic crisis. Bitcoin recently took the world by surprise by surpassing the $11 000 mark.

Meanwhile, Ethereum’s smart contract is also taking the world by storm. In the latest news, Aruba announced that it will also be turning to Blockchain technology to boost its tourism industry and revenue. More than 1.2 million visitors flock to the Caribbean island annually. Authorities have been looking for a way to keep Aruba’s lucrative tourism stream in the country and to end the reign of sites like Priceline and Expedia whom they are claiming are taking a large piece of the tourism cake.

This is good news for Ethereum investors, as analysts have predicted that Ethereum could surge to well over $1 000 in 2018, due to the growing demand for its smart contract tech.

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