Intriguing news is afoot for the nation of Venezuela, currently reeling from some of the worst inflation in economic history. The Venezuelan National Constituent Assembly is floating the idea of a Central Bank for cryptocurrencies through a reform of the country’s constitution. While this is not the first time Venezuela has been in the news for cryptocurrencies, this latest development certainly has enormous implications on the South American nation’s ailing economy.
This is not the first time Venezuela has entered the cryptocurrency realm. Petro, a cryptocurrency tied to Venezuela’s massive oil, gas, gold and diamond resources, has turned heads in the global trading community. Some have accused it of being a rearranging of deckchairs on the Titanic at best, an outright scam at worst. Others accused the project of skirting sanctions imposed by the US and the EU, which in turn would reduce the country’s recent hyperinflation problem. The project has been heavily criticized by the global community, with the US reportedly banning the purchase of Petro tokens by American citizens.