Tag Archives: Nicolas Maduro

Venezuela to Use Petro Cryptocurrency in International Oil Trade

The government of Venezuela recently announced the intended sale of its oil using the Petro cryptocurrency to circumvent U.S economic sanctions come 2019. Circumventing U.S. Sanctions According to Venezuela-based satellite tv, TeleSUR, Venezuelan President, Nicolas Maduro announced that country would create a basket of cryptocurrency for oil-backed state cryptocurrency, Petro. The sale of oil using Petro would commence… Read More »

Cryptocurrency Accepted: Venezuela Will Sell Oil for Petro, Maduro Says

Advertisement The government of Venezuela has announced that it plans to create a basket of cryptocurrencies for the oil-backed state cryptocurrency, the Petro. This initiative will allow the government to sell oil in exchange for petros and bypass US-imposed sanctions at the same time. The sale and purchase of crude oil with cryptocurrency will begin in March 2019.… Read More »

Venezuela to Sell Oil for Petro Cryptocurrency in 2019, Says Maduro

Venezuela’s President Maduro has said the nation will sidestep the U.S. dollar and phase in use of its controversial petro token for oil sales starting next year. According to a report from state-run media network TeleSUR on Thursday, Venezuela’s President Maduro said that the move is aimed at minimizing the dollar’s dominance in the industry and diversifying the… Read More »

Maduro Orders Price of Venezuela’s ‘Cryptocurrency’ to More Than Double

Venezuela’s President Nicolas Maduro has announced that the price of the petro, his country’s national “cryptocurrency,” has been increased from 3,600 sovereign bolivars to 9,000. While the wallet for the petro is still unavailable, the Venezuelan government continues to sell the digital currency and issue certificates of purchase to buyers. Price Hike for Petro Maduro announced on state… Read More »

Venezuela Artificially Inflates Petro 150 Percent As Bitcoin Set New Record

Venezuela saw yet another new record for Bitcoin use December 1 after another week of economic shake-ups made the cryptocurrency more appealing than ever. 1 Week, 1300 Bitcoins Data from Coin Dance confirms that in the seven days ending Saturday, Venezuelans transacted 1284 BTC ($5.1 million) via P2P trading platform Localbitcoins alone. In terms of the country’s highly… Read More »

Absurd: Investors Can Only Trade Venezuelan Petro to Crypto if Bought in 2018

Advertisement Twitter Facebook LinkedIn According to TeleSUR TV, a mainstream media outlet in Venezuela, the country’s “cryptocurrency” called the Petro can only be traded to other crypto assets if bought before the end of 2018. Former Wall Street bond trader and digital asset analyst Jill Carlson translated the speech of Venezuelan President Nicolas Maduro, which read: “Anyone who… Read More »

Venezuela’s Supreme Court of Justice Recognized Petro Cryptocurrency as Legal Tender

Venezuela is determined to become the first Latin American crypto nation, and after several delays, its government finally announced the launch of the Petro as a cryptocurrency created to counteract several of the problems associated with the issuance of traditional fiat money. As soon as the Petro was announced, the U.S. government began a vigorous campaign against it… Read More »

Controversial Venezuelan State Cryptocurrency ‘Petro’ is Now for Sale

Advertisement After months of speculation regarding the status of Venezuela’s much-publicised Petro cryptocurrency project, the Venezuelan government has announced that the Petro is now available for sale and can be bought with bitcoin and litecoin. A tweet from the official account of the Venezuelan Vice president of the Economy, Tareck El Aissami posted on October 29 reads: “The… Read More »

As Petro Launch Looms, Venezuela’s Bolivar Eyes 1.4 Million Percent Inflation

Advertisement Based on findings from the International Monetary Fund (IMF), the annual inflation rate for Venezuela could reach as high as 1.37 million percent by the end of 2018. Inflation estimates for the country have risen several times this year as Venezuela struggles with policies and production — and prepares to launch its Petro cryptocurrency No Stranger To… Read More »

Petro Only — Venezuela To Only Accept State-backed Crypto For Passports

Venezuela-Issued Passports Now Cost 2 Petro Venezuela is in turmoil — the local currency is inflating at an unsustainable rate, citizens are losing access to basic services, and desperate individuals are trying to flee the country. And to top it all off, the recently-launched solution to fix Venezuela’s monetary issues — a government-run crypto asset — has been… Read More »