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Sunday, December 30, 2018

Venezuela hopes their national cryptocurrency can save economy - now there's rumors pensions may be forced to convert...

Venezuela, which is reeling under crippling hyperinflation has pegged it's hopes of recovery on it's own cryptocurrency - the petro. Media there are reporting that pensions are now set to be converted into the national cryptocurrency.

Editor's Note: Neither Fiat or cryptocurrency can solve problems of a corruption-filled government that makes poor econdomic decisions.  The risk here is that they'll mismanage this too - then others will point to it saying "look, cryptocurrency failed". 

It's important the rest of the cryptocurrency world remains skeptical, and avoids highlighting this as a great use of cryptocurrency.