Who wants to be the first to laugh at them for their currency being hacked and having no money?
Via Washington Post:
It’s easy to see why digital currencies might appear attractive to politically divided and economically strained nations like Venezuela. If every Venezuelan had invested his or her gross 2009 income of $11,500 into bitcoin, the investment would have been worth about $8.4 billion in May this year — per person.
In a nation which has gone through a dramatic economic downturn in recent months, the idea of simply multiplying the value of money without being restricted by banks or sanctions became a more realistic scenario last weekend when the socialist government announced its plans to launch an own digital currency, or so-called cryptocurrency.
The hope is that the new currency can bypass international sanctions and serve as an alternative to the country’s own now worthless bolívar or the U.S. dollar.
“Venezuela will create a cryptocurrency,” Venezuelan President Nicolás Maduro said on Sunday, according to Reuters. In a televised broadcast, Maduro provided few details of how such a currency — backed by oil and gas reserves, as well as gold and diamonds — would work in practice, and the plans were almost immediately criticized and ridiculed by the country’s opposition.