Venezuela

Venezuela’s New Petro-Backed National Currency to Start Circulating in August

4 weeks ago admin2 Comments Off on Venezuela’s New Petro-Backed National Currency to Start Circulating in August
The president of Venezuela Nicolás Maduro has announced that the country’s new cryptocurrency-backed national currency will start circulating August 20, local state news agency Telesur reported July 25. Telesur reports that the new currency, the Bolívar Soberano (Sovereign Bolivar), will have five zeros less than the existing national currency Bolivar Fuerte (VEF) and will be Read More

Bitcoin Exchange Paxful Reveals Plan to Reach Venezuela’s Unbanked

1 month ago admin2 Comments Off on Bitcoin Exchange Paxful Reveals Plan to Reach Venezuela’s Unbanked
Peer-to-peer bitcoin exchange Paxful is doubling down on developing markets. Revealed exclusively to CoinDesk, the startup plans to open an office in hyperinflation-ridden Venezuela in September and release an Android app, its first for mobile devices, in October. According to Paxful co-founder Ray Youssef, the reason for both moves is that exchange use is surging Read More

P2P Markets Report: Latin American and Hungarian Volume Surges

1 month ago admin2 Comments Off on P2P Markets Report: Latin American and Hungarian Volume Surges
Markets and Prices Latin American peer-to-peer (P2P) markets have seen an influx of volume in recent weeks, with the Localbitcoins markets of Argentina, Brazil, and Venezuela posting significant spikes in volume. In other news pertaining to international P2P markets, the Hungarian Localbitcoins markets produced near-record volume in recent weeks, whilst Canada’s recent surge in volume Read More

India Rejects Venezuelan Crypto Despite 30% Discount

3 months ago admin2 Comments Off on India Rejects Venezuelan Crypto Despite 30% Discount
News The government of India has formally rejected Venezuela’s state-backed cryptocurrency, the petro, despite an attempt to entice India with a 30% discount. Dependent on the Latin American country’s oil, a steady, uninterrupted supply is key to growing one of the world’s most populous nations. Venezuela is in the midst of dramatically bad economic fortune Read More

National Government Digital Currencies Versus Globally Distributed Cryptocurrencies: in Depth

3 months ago admin2 Comments Off on National Government Digital Currencies Versus Globally Distributed Cryptocurrencies: in Depth
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. As society starts to move away from cash, central banks’ potential to reap profits off issuing that cash could be threatened. Many governments are worried about the mass adoption of cryptocurrencies and hence are Read More

Venezuela’s unfolding crisis, as told by its version of The Onion

3 months ago admin2 Comments Off on Venezuela’s unfolding crisis, as told by its version of The Onion
Venezuela’s presidential election will take place on May 20, amid various crises. Inflation is by some measures 18,000%, meaning basic food items can cost a month’s salary. Cash is worth so little that people are making bags out of it. The incumbent president, Nicolás Maduro, is expected to rig the election. The best way to Read More

Venezuela’s Bolivar Sees 454% Inflation in Q1 as Maduro Hawks the Petro

4 months ago admin2 Comments Off on Venezuela’s Bolivar Sees 454% Inflation in Q1 as Maduro Hawks the Petro
Advertisement Join our community of 10 000 traders on Hacked.com for just $39 per month. Runaway inflation continues to devalue the Venezuelan Bolivar (VEB), even as the country’s authoritarian government seeks to divert attention from the floundering economy by hawking its “Petro” cryptocurrency. According to Reuters, prices in Venezuela rose by 454 percent during the Read More

Venezuela: Petro’s Impact Will Be Felt Within “Three to Six Months”

4 months ago admin2 Comments Off on Venezuela: Petro’s Impact Will Be Felt Within “Three to Six Months”
Advertisement Join our community of 10 000 traders on Hacked.com for just $39 per month. During an interview with Venezuela’s Cuatro F newspaper, the executive secretary of the country’s Blockchain Observatory, Daniel Peña, stated that he believes the Petro (PTR), Venezuela’s oil-backed cryptocurrency, will positively impact the country’s economy within “three to six months.” During Read More

“Private Digital Money” Better than State-Issued, Swiss Central Banker Says

4 months ago admin2 Comments Off on “Private Digital Money” Better than State-Issued, Swiss Central Banker Says
Economy & Regulation Private digital currencies are better than any state-issued version, admitted a high-ranking representative of the Swiss National Bank. Cryptocurrencies are also less risky, according to Andrea Maechler, member of the central bank’s governing board. Her comments indicate that Switzerland has no intentions to emit a state-sponsored crypto.   Also read: Centralized Cryptoruble Read More

Venezuela to Use the Petro to Buy Auto Parts from Russia

5 months ago admin2 Comments Off on Venezuela to Use the Petro to Buy Auto Parts from Russia
Featured Venezuelan government intends to purchase Russian auto parts with its state-issued cryptocurrency. Ministers from both countries have discussed the use of the petro in bilateral transactions during a high-level meeting in Caracas. Possible Russian crypto investments are also on the agenda. Also read: Venezuelans to Buy Homes and Property with State Cryptocurrency Caracas to Read More