Venezuela backs Fiat Currency with Cryptocurrency
The last thing our world needs is a cryptocurrency plutocracy. Disturbingly, Venezeula is apparently such an altcoin aristocracy now.
We need to watch Venezuela carefully because cryptocurrency is the future of currency. Those who control it may gain means to dominate the economy and the political system.
A grave danger to national sovereignty is digital nations based on encryption and cryptocurrency. Telegram founders Pavel and Nikolai Durov are trying to build such a nation with their TON ICO, Bloomberg View’s Leonid Bershidsky observed.
Hopefully that nation will not become a cryptocurrency plutocracy that will dominate national economies. The Durovs hope their technology will enhance human freedom. Unfortunately, Venezuela shows that cryptocurrency can become a tool of oppression.
