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).
MarketWatch's Hannah Erin Lang joins Cheddar to discuss how economists are viewing Trump's immigration policy and how it will affect the job market in America.
Zack Malet, Senior Director of Business Development & Innovation, joins Cheddar to discuss ESPN experiences and how they are changing the sports travel game.
Smashburger CEO Denise Nelsen discusses how her time building the Starbucks brand gave her the tools to lead a Smashburger brand refresh, value wars, and more.
Charles Gillespie, Founder and CEO of Gambling.com Group comments on the billions of dollars in wagers placed on the outcome of the 2024 election and more.
Danny Trejo joined Cheddar to discuss his upcoming show "Mysteries Unearthed" coming to the History Channel and his most recent entrepreneurial ventures.
His Royal Highness Prince Emanuele Filiberto Di Savoia, Prince of Venice, joined Cheddar to discuss his new game that lets everyday folks feel like a royal.
GJ Hart, CEO of Red Robin, discusses the company's place in the "value wars," what's next for the restaurant and his thoughts on Shake Shack in the sky. Watch!
Chiza Vitta, Managing Director Global Analytics at S&P Global Ratings joined Cheddar to discuss S&P's recent Megatrend findings and other 2025 predictions.