Re:Enter 'petro': Venezuela to launch oil-backed cryptocurrency
by adrianratnapala on Sunday December 03, 2017 @06:54PM
(#15840376)
There are probably a lot of in-between cases where a cryptocurrency can be used convert trust in a well respected 3rd party to trust in someone unknown.
For example to have an "account" at a national reserve bank, you basically need to be a bank. A reserve bank could promise to honour certain cryptocurrency transactions between registered banks. But the blockchain as a whole could serve include both reserve-compatible-account-ids and arbitrary users.
Whether that would be good for anything is another matter. In particular you need a well respected 3rd party who actually wants to back a cryptocurrency. That's not a big set intersection, and Venezuela is not in a position to make it larger.
For example to have an "account" at a national reserve bank, you basically need to be a bank. A reserve bank could promise to honour certain cryptocurrency transactions between registered banks. But the blockchain as a whole could serve include both reserve-compatible-account-ids and arbitrary users.
Whether that would be good for anything is another matter. In particular you need a well respected 3rd party who actually wants to back a cryptocurrency. That's not a big set intersection, and Venezuela is not in a position to make it larger.