Venezuela is days away from launching its own cryptocurrency, and Israel is considering making a similar move.
But one expert says that a digital coin for a country, controlled by a single government rather than decentralized like Bitcoin and others, doesn’t truly capture the essence of crypto.
“It’s like taking a magazine and saying, ‘Well now it’s digital.’ But you really just converted the magazine to a website,” said Shaun Newsum, founder of ICO Watchdog.
“What it will effect though, is people that are mining. Miners will probably have to be ‘approved miners.’ That would be regulated. And also exchanges. They will probably ban all exchanges unless you’re using the central exchanges that they approve.”
Venezuela’s *petro* will be backed by 5.3 billion barrels of oil, worth about $267 billion. The government hasn’t provided any technical details, but officials hope the coin can be used to pay off debt and offset losses in its main currency, the bolivar.
Israel, meanwhile, hasn’t made any specific plans for its own digital currency, though the central bank is reportedly exploring options as it tries to reduce the amount of cash in its financial system.
For the full segment [click here](https://cheddar.com/videos/keeping-cryptocurrencies-accountable).
Hoyt McGarity, CEO & President of 8AM Golf, joins Cheddar to discuss TGL and how the technology is changing the game of golf right before our eyes. Watch!
Amy Farley, Executive Editor at Fast Company, joins Cheddar to reveal how the Top 50 companies were chosen for a coveted spot on the list of Most Innovative.
Chris Versace, CIO at Tematica, discusses the fed decision, the current state of the market and how news in the coming days will tell us even more. Watch!
Olipop CEO, Ben Goodwin, joins Cheddar to discuss its recent $50M funding round and why other prebiotic soda company's successes is good for business. Watch!
The Knot Worldwide CEO Raina Moskowitz joins Cheddar to reveal the top wedding trends for 2025 and why some newlyweds-to-be want their big day to be phone free!
Shark Tank star Barbara Corcoran reveals how she is handling all of this recession news, the best time to buy a home and what she looks for when hiring. Watch!