[![123.jpg](https://steemitimages.com/DQmRXJwmQAuwZavtDB8ftxDMLnQMf75APKYxdiuHpMp9Cvz/123.jpg)](https://www.cnbc.com/2017/11/06/heres-the-real-endgame-for-nicolas-maduro-of-venezuela.html)

#### <center> **Venezuela's collapse of a national economy is not a laughing matter. This has been detrimental to the welfare of the country's citizens.**</center>


<center> **I have [previously reported](https://steemit.com/blog/@chron/the-socialist-dictatorship-in-venezuela-falls-riots-ensue-and-supplies-are-low-how-steemit-can-help) the collapse of Venezuela's socialist dictatorship.** </center>


### <center> **In an effort to counter sanctions from the US and curb high inflation...** </center>


## <center>**Venezuelan President Nicolas Maduro announced the release of a national [cryptocurrency](https://www.davidicke.com/article/451480/us-wants-venezuelas-cryptocurrency-undermined) on December 3 - called the** ***Petro.***</center>


[![](https://steemitimages.com/DQmYmNxftxbuyHnth2z2gFXf8HVgDN5pZe5HCmZNb3Wpug4/image.png)](https://steemit.com/bitcoin/@lord-faustus/petrocoin-the-new-caribbean-tax-haven)

<center>The currency will be backed by oil...</center>

## A National Cryptocurrency?

I personally love this idea. It is not only a stepping stone for the mass adoption of Cryptocurrency, it could also be a way for countries to make themselves independent to the central banks.

#### ***We could finally see a paradigm shift for the people of Venezuela***

<center> [![](https://steemitimages.com/DQmXCT73SWp8xqDhpZH7rKJxHFfaDA7jPrM5GrtbSPNPVPn/image.png)](https://rilcoinblog.com/2017/07/25/crypto-currency-vs-fiat-currency/) </center>


## "I Don't Want To Use The Petro Coin, I like Ethereum"

#### I would imagine there would be fringe group who would choose to use a a more decentralized Crypto like Bitcoin, Ethereum, etc.

This may be awesome! Because it might let citizens use currencies which are completely out of the control spectrum of their government!

## Could This Lead To Government Regulation?

I personally believe yes, through the issuance of a national government-controlled Cryptocurrency we will see a technology which will be centralized and controlled by officials. 

Anarcho-Crypto-enthusiasts hate this idea!

[![](https://steemitimages.com/DQmQVN96iLi9G9FqsTczp5mQSvbfnDiW9WZCPfAhx2cddP8/image.png)](https://www.forbes.com/forbes/welcome/?toURL=https://www.forbes.com/sites/jessedamiani/2017/12/22/5-reasons-why-the-ripple-price-is-going-up-so-fast-will-the-xrp-surge-continue/&refURL=https://www.google.co.id/&referrer=https://www.google.co.id/)

### <center>We have seen this with Ripple (XRP)</center>

In case you haven't heard: Ripple is a settlement layer for banks. It is a pre-mined Cryptocurrency which does not have an incentive for the banks to use the token itself. This is because banks can use the Ripple technology without using the tokens at all! 

It also means that large holders of Ripple will dump once it sees an upwards trend. This can be observed in the below graph of Ripple's movements in the last month.

[![wewe.JPG](https://steemitimages.com/DQmbTpp27dQxjFTrdRhcVHaAgbJMyENQDNSqCbJSs7a4KDt/wewe.JPG)](https://coinmarketcap.com/currencies/ripple/)

Ripple leans more towards the centralized side of things. 

## Do I Think Venezuela's Cryptocurrency Will be centralized?

Absolutely, Maduro hopes the petro will let Venezuela “advance in issues of monetary sovereignty” - initiating “new forms of international financing.” 

#### However, the currency will be backed by oil! I have recently written [Part 7](https://steemit.com/life/@chron/how-big-oil-conquered-the-world-an-informative-documentary-about-a-global-conspiracy-part-7) of a series which exposes the truth about how petro-chemicals and how they conquered the world's economy.

<center>[![](https://steemitimages.com/DQmPmVySinrEFEzTTG4RSA9XqnGcgzjdTZWRGB3aTNMVrcj/image.png)](https://steemit.com/life/@chron/how-big-oil-conquered-the-world-an-informative-documentary-about-a-global-conspiracy-part-7)</center>

### Why would we want a Cryptocurrency which is backed by the same evil bankers and oiligarchs that have enslaved the world economy for decades?

The government would try and regulate the currencies they let their citizens use.

This might end in all Cryptocurrencies being regulated and taxed which would suppress the free-market we see today!

[![vocation-craft-amazing-download-iphone-skill-high-quality-ability-1920x1080.jpg](https://steemitimages.com/DQmWyXUgqWrbdb3hqrxDb6kthmBoHW5NmUZwa4W3b5LBcmr/vocation-craft-amazing-download-iphone-skill-high-quality-ability-1920x1080.jpg)](http://thewallpaper.co/art-free-abstract-best-surrealism-wallpapers-backgrounds-iphone-background-images-high-quality-surrealist-1920x1275/)

## How Would @chron Handle The Situation?

I would defintely not create a centralized "Coin" which was controlled by the government.

### I would love the government to allow the free trade of all Cryptocurrencies with no restrictions whatsoever.

This change of control is exactly what the government does not want. They are currently using a system which allows them rights to create all your money and deny it just as easily.

### If they allowed decentralized systems grow they will either join in or fight it! I believe they are now fighting it with the "petro".

---

#### Sources: [1](https://www.davidicke.com/article/451480/us-wants-venezuelas-cryptocurrency-undermined), [2](https://www.ripplecoinnews.com/how-ripple-xrp-work), [3](https://www.ethnews.com/venezuelan-congress-invalidates-petro-cryptocurrency), [4](https://steemit.com/bitcoin/@lord-faustus/petrocoin-the-new-caribbean-tax-haven), [5](https://steemit.com/petrocoin/@extramoney/can-oil-and-crypto-mix).

#### Click on images for their sources.

---

# <center> *Who is @Chron?*</center>

![DQmamzWWPr4jAg1kSGtgF4WvR9nT8rYHhc99UKk597hWbq4_1680x8400.jpg](https://steemitimages.com/DQmSLCzikm6BFeQy4PSky6qmp8CJVT1oDh1nip3cg3vyear/DQmamzWWPr4jAg1kSGtgF4WvR9nT8rYHhc99UKk597hWbq4_1680x8400.jpg)

### <center>@chron is a 16 year old robot-headed Steemer, currently based in Bali, Indonesia.

I am currently working in association with @samstonehill on the following projects:

- @steemmasters which provides [FREE TUTORIALS](https://dtube.video/c/the#!/c/steemmasters), personal training & resteeming services. Website [HERE.](https://sammystonehill.wixsite.com/steemmasters)

- @charitysteemit which has successfully donated solar kits to the volcano evacuess of Bali through the power of Steem! Check out our video where we hand out the kits [HERE.](https://www.youtube.com/watch?v=OxphJV32Le4&t=1s)

![AAAWESOMENESS.jpg](https://steemitimages.com/DQmZ68AFRG8e7D4mgW9uR2JDF15VKweFgRXk5318JFpToyG/AAAWESOMENESS.jpg)

- Avid graphic designer, if you want a Gif like above made by me or a banner like below contact @chron on Steemit.chat (we can discuss rates there).

- I am currently writing a series about [How Big Oil Conquered the World](https://www.youtube.com/watch?v=ySnk-f2ThpE&t=1s). If interested in learning about this subject read Part [1](https://steemit.com/life/@chron/how-big-oil-conquered-the-world-an-informative-documentary-about-a-global-conspiracy-part-1).

---

![wallpap DONE SMALL branded.jpg](https://steemitimages.com/DQmXrbWbbxosn82Bnnb9keApu5P13nfYrCsJEvWEoEegzR1/wallpap%20DONE%20SMALL%20branded.jpg)

---

### Here is a list of Steemit Witness I have voted for & recommend you do the same:

@teamsteem @timcliff @jesta @good-karma @someguy123 @blocktrades @pfunk @klye @krnel @blueorgy @ausbitbank, @pharesim & @thecryptodrive

#### Without them our beautiful decentralized platform would sink!

#### Learn what this means [HERE](https://steemit.com/witness/@teamsteem/what-are-steem-witnesses-and-why-you-should-support-them) and place your vote [HERE.](https://steemit.com/~witnesses)</center>

<center>![giphy.gif](https://steemitimages.com/DQmPWfNcc9zU8MaiRGnrCwE41uLWhu7EceU1pUo8YNv8ePa/giphy.gif)</center>