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[–] JTMTL ago 

This one I would buy big time.

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[–] boekanier ago 

They're ditching the dollar, bankers and (((bankers))) will be very upset now.

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[–] R34p_Th3_Wh0r1w1nd ago 

If true, this is interesting because India is on the verge of banning BTC and all other cryptos. On top of making anyone who owns BTC a criminal.

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[–] ANGRY_Hippopotamus 0 points 1 point (+1|-0) ago 

How, exactly how do you pay for oil with a cryptocurrency that is "backed by oil". While we're at it, how does a crypto, issued by a government differ from just currency?

Anyone willing to enter negotiations with the Venezuelan narco-state, is either stupid or in it.

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[–] wo4men0shi1mao1 0 points 1 point (+1|-0) ago  (edited ago)

The best part is, it is backed by oil but you cannot exchange it for oil. So it's actually not back by oil at all, and is just another fiat run by the economically sauvy Venezuela.

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[–] 12636919? ago 

Good news for cryptos in general. Fun popcorn time for the most part. I would love to be able to simply get 30% off my gas at the pump if I Paid in the Petro.

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[–] Tacodeuce 0 points 1 point (+1|-0) ago 

It's amazing that their currency is so fucked up and so unstable that the only way they are willing to sell oil is in an unofficial crypto currency. How the fuck?!

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[–] no-hurry-no-pause 0 points 1 point (+1|-0) ago 

in an unofficial crypto currency.

Actually they have an "official" state-approved venezuelan crypto now, "the Petro".

They dont want bitcoins, they want india and other oil buyers to buy their shitty socialism-approved crypto.