Bloomberg article: https://www.bloomberg.com/news/articles/2019-09-26/venezuela-has-bitcoin-stash-and-doesn-t-know-what-to-do-with-it
The central bank in Venezuela has managed to get its hands on some BTC and some ETH. Now it is questioning what to do with it? Can it be counted as reserves against their fiat currency?
Counting it as reserves is kind of interesting, but what I think is much more important is the next step of a nation-state using crypto as a currency. Venezuela is an extreme case, backed into a corner by the US and the rest of the mainstream financial system. No government with good control over its own fiat would take this step. But in this case, the local fiat has already been pretty much destroyed, so there isn't much downside for the government to start transacting on chain.
If and when they do take this step, it will be a huge boon for crypto. The more value that is transferred on-chain, the more valuable the chain is. Other governments on the lower-tiers of financial control will be able to see this and might join in.
▶️ 3Speak
