Venezuela's Petro Cryptocurrency Is a Gift to Future Generations

Born in Venezuela, he now lives in Israel where he is researching and marketing stablecoin projects.

The dictatorship in Venezuela is actually doing future generations a favor by creating mistrust in central authority, devaluing central-bank issued fiat, and educating the people about cryptocurrencies.

Venezuela does not deserve to continue down its current path.

For generations, Venezuela was drunk on petrodollars.

Since Venezuela's production capacity has been decimated, getting a loan from the IMF won't do, but re-branding the country as the blockchain nation could prove to be an opportunity hidden in chaos and despair - the light at the end of the tunnel.

Unlike the petro, Venezuela's ideal stablecoin would need no collateral and certainly no central bank.

If the regime abandons power tomorrow, there is an opportunity for Venezuela's government to be radical and embrace decentralized information networks.

Venezuela can be the first country to separate state and finance, but if a similar attempt to the petro is implemented then we would be back to square one and nothing would change.

The day after the communist regime is gone, Venezuela will implore for decentralization of power to unite and empower the people, get investments flowing in, and bring transparency to governance and monetary policy.

The petro is a horrible idea, but people in Venezuela have woken to the power of blockchain.