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State Cryptos are pioneered by struggling states, inevitably to be accepted by mainstream



If there will be success it will be copied multiple times and eventually will lead to the whole new monetary politics.



27.Aug.18 11:46 AM
By Shawn Highstraw
Photo INNOV.RU

   343

State Cryptos are pioneered by struggling states, inevitably to be accepted by mainstream
While it is still unknown what benefits will emerge from the state backup of the crypto, it is obvious that Venezuela will be not alone in the merging state finances and crypto. It was first pioneered by struggling Venezuela but more states surely will follow. Adopting crypto as a state standard bears some risks but for the sanctioned states they are much lower than arresting assets and blocking transactions. There is speculations that Iran will issue its own crypto and North Korea will held important conference on the issues tied to crypto and blockchain technologies in October. It is highly probable that some gold&crypto and oil&crypto hybrids will emerge in a nearest future.

There is a confusion on crypto assets and blockchain technologies itself. They are easily exploited by 'insider traders' and scammers of all sorts to boost interest to their favourite cryptos. Blockhain technology does not lead automatically to creation of the crypto values. Therefore not all blockchain projects, including financial ones, endorse the crypto community.

The cases of Venezuelan 'Petro' and other possible cryptos backed by states will be indicative for the whole World. If there will be success it will be copied multiple times and eventually will lead to the whole new monetary politics.





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