
Iran inches closer to unveiling state-backed cryptocurrency – News – Al Jazeera - rbanffy
https://www.aljazeera.com/news/2019/01/iran-inches-closer-unveiling-state-backed-cryptocurrency-190127060320571.html
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ddingus
If they trade oil in that currency, count on action similar to what Venezuela
is seeing right now.

Threats to the petrodollar...

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gus_massa
The crisis is unrelated to the petro. Nobody in the word cares about the
petro.

Their main export product was oil and they nationalized PDVSA in 2007 and
since then the production drop to a third of the original production, and the
price of oil also drop a lot.

And the other branch of the economy also had problems.

The petro was a last ditch effort to do something when the economy was already
collapsing, the prize of the dollar in the black market was much higher than
the official prize of the dollar, and the inflation was high and
uncontrollable.

To understand the petro, you must ask the same question that is relevant in
most of the ICOs: If they want to use a cryptocurrency, why they don't use BTC
or ETH instead of creating a new one?

