When a state has nothing to lose, a very wide field opens up for experiments, including the economic ones.

Last week Reuters reported that Venezuelan authorities are planning to replace the national currency with a new monetary unit tied to the "oil-provided" crypto currency El Petro. It is clear that such measures are not due to the fact that Maduro and company are trying to keep pace with the times. According to IMF experts, the inflation rate in the country by the end of the year will reach 1 million percent, it seems that it is no longer possible to turn a blind eye to the authorities. It was decided to remove from the national currency - bolivar - five zeros and give it a new name - bolívar soberano ("sovereign bolivar"). President Nicola Maduro from the TV screens said that the denomination will begin on August 20 and the new currency will be tied to El Petro. How this binding will look in practice is still a mystery, as well as the effect that all monetary reform will bring. According to IMF representative Alejandro Werner, the current level of inflation in Venezuela is comparable to what was observed in Germany after the First World War and in Zimbabwe at the end of the last decade.

The example of Venezuela, however, gave rise to a certain boiling of minds in countries that are slightly on the sidelines of the world market. The Department of Science and Technology under the Iranian government plans to develop a national crypto currency. The reason for such a rather drastic step was the upcoming US sanctions, which will come into force as early as next month. Deputy Chief of Investments Alirez Daliri said that his department is engaged in "preparing the ground for the use of internal digital currency". What will rise on this prepared ground is difficult to say. According to Daliri, the tokenized analog of the Iranian rial will help strengthen the rate of the national currency, stimulate the growth of domestic and external payments, and, in general, help the country circumvent US sanctions.

Technically, all this will look like this: the project will be implemented in cooperation with the central bank of the country, the agency will, over the next three months, integrate block-technologies into the infrastructure of the central bank. In this case, the internal crypto currency will be used primarily for settlements with local commercial banks.

And this despite the fact that the official position of the Iranian government on crypto-currency is very strict. For example, since May of this year, Iranian users of crypto-exchange exchanges and exchange sites are experiencing problems with access to them.

Meanwhile, a meeting of the Nasdaq Stock Exchange took place in Chicago behind closed doors. The representatives of the traditional financial sector and several bitcoins exchanges discussed possible ways of legitimizing crypto-currencies. The meeting was attended by representatives of companies from Wall Street, as well as several large crypto-exchange exchanges, including the Gemini brothers Winklosov. The event is very significant and leads to quite logical conclusions that national and not very crypto-currencies de facto win their place under the sun.

 

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