Search Results for: Venezuela

December 15, 2018 @ 8:01 am By Cali Haan  |  

The Government of Venezuela briefly sent pensioners’ money to their bank accounts on December 7th, but then immediately withdrew the funds and settled them in “petros” in digital wallets held elsewhere, Caracas Chronicles reports: “The elderly routinely receive a message everytime one of the government’s… Read More

December 7, 2018 @ 5:00 pm By Cali Haan  |  

Venezuela will begin selling oil using its newly-created national cryptocurrency, El Petro, in March,”…in order to expand the modalities of commercial transactions and revenues…” state media outlet Telesur reports. Venezuela is also explicitly seeking a means of sidestepping escalating rounds of US, EU and Canada-imposed… Read More

November 11, 2018 @ 11:29 am By Cali Haan  |  

Venezuela’s Minister of Petroleum says he has been invited by the Secretary-General of OPEC to propose that Venezuela’s new state-issued cryptocurrency, El Petro, become the standard unit of account in global oil markets, XinhuaNet reports. Minister Manuel Quevedo, who is also President of the Venezuelan… Read More

November 8, 2018 @ 3:10 pm By Cali Haan  |  

The Venezuelan government has initiated a savings plan based on the country’s controversial new cryptocurrency, El Petro, and is somehow promising that investors will see their money appreciate or at least stay stable, Telesur reports. The scheme, however, will require interested parties to obtain one… Read More

October 10, 2018 @ 3:11 pm By Cali Haan  |  

In the midst of a migratory crisis seeing more than 5000 people leaving Venezuela per day, Venezuelan vice-president Delcy Rodriguez announced that, effective immediately, passports in Venezuela must be paid for using the government’s controversial new cryptocurrency, El Petro, at a cost-equivalence of four month’s wages,… Read More

October 7, 2018 @ 10:41 am By Cali Haan  |  

“Bienvenido, Petro!” And with those words, Venezuelan President Nicolas Maduro announced at a press conference Monday that the public sale of his country’s purportedly oil-backed cryptocurrency, El Petro, will commence November 5th. Maduro told reporters and applauding supporters while brandishing a cellphone: “If you have… Read More

September 4, 2018 @ 2:16 am By Cali Haan  |  

Amendments to the constitution, an international roadshow, determined rhetoric and state orders to banks that they must denominate transactions in Venezuela’s new state cryptocurrency, El Petro- all have done little to make El Petro viable, reporters at Reuters claim. For four months, Reuters writers travelled through hyperinflation-beleaguered… Read More

August 29, 2018 @ 12:32 pm By Cali Haan  |  

The Venezuelan state’s push to legitimate its new El Petro cryptocurrency now involves an order to the region’s banks that they must adopt El Petro as a unit of account. According to France 24, a resolution from the Venezuelan Sudeban banking regulator now requires, “Public and… Read More

August 20, 2018 @ 2:55 pm By Samantha Hurst  |  

Digital currency platform for payments and e-commerce Dash announced on Monday that more than 2,000 merchants around the world now accept its cryptocurrency for good and services. According to Dash, the number of merchants is up from 639 in February 2018 to its current total listing of… Read More

August 15, 2018 @ 6:05 pm By Cali Haan  |  

The Venezuelan government plans to issue a new paper currency called ‘the sovereign’ next Monday, August 20th, and the new currency will be pegged to that nation’s new cryptocurrency, ‘el petro.’ The latest news comes on the heels of a story CI reported yesterday about… Read More

August 14, 2018 @ 10:10 pm By Cali Haan  |  

Reuters is reporting that the Government of Venezuela is seeking to amend the 1999 version of the country’s constitution so it can set up a special central bank to manage the country’s new national cryptocurrency, El Petro. According to a loose translation, National Constitutional Assembly Member… Read More

July 25, 2018 @ 3:55 pm By Samantha Hurst  |  

Dash, a crypto for payments and e-commerce, revealed on Tuesday it is more widely used for commerce, both online and in person, throughout the country of Venezuela than every other cryptocurrency combined. According to Dash, more than 500 merchants in the country now accept Dash for… Read More

May 31, 2018 @ 2:56 pm By Cali Haan  |  

Venezuelan customs officials have been blocking imports of cryptocurrency mining equipment arriving in the country by land and by sea since April, Noticiero Digital and El Interes reports. GPU and ASIC rigs, related cards and processors, power packs and even mobile phones are reportedly being swept… Read More

May 2, 2018 @ 9:30 am By Cali Haan  |  

In what is likely a combined attempt to sidestep US sanctions and compete with Middle East oil suppliers, Venezuela has offered India a 30% discount on crude oil if the country pays for the oil in El Petro, Venezuela’s controversial new cryptocurrency, says Business Standard. Venezuala… Read More

March 26, 2018 @ 11:50 pm By JD Alois  |  

Fake news is everywhere these days. So it seems. Recently, the Venezuelan government launched a bespoke cryptocurrency tied to the country’s oil production. Concocted by Venezuelan President Maduro, the Petro Crypto has been slammed as a feeble attempt to skirt the hyper inflation that Maduro’s… Read More

March 22, 2018 @ 12:02 am By JD Alois  |  

This week, the White House issued an executive order that banned any US citizens or entities from participating in the Venezuelan Petro Coin. The creation of the cryptocurrency based off of Venezuelan oil was a response to the economic crises that has been brought upon… Read More

March 19, 2018 @ 3:19 pm By Samantha Hurst  |  

Less than two months after Venezuela issued a white paper on its proposed cryptocurrency, Petro, President Trump has signed an executive order that bans the controversial cryptocurrency. As previously reported, Petro’s background dates back to “proposals for global financial and monetary coordination prior to the hegemony… Read More

February 1, 2018 @ 9:42 am By Erin Hobey  |  

Venezuela has issued a White Paper on its proposed cryptocurrency Petro (PTR). Petro has its origin in former President Hugo Chavez’s controversial idea of a strong currency backed by raw materials, in this case, petroleum; Venezuela is recognized as having the largest oil reserves in the… Read More

March 30, 2024 @ 5:34 pm By Omar Faridi  |  

Digital money, when carefully managed, can potentially aid Pacific Island growth and equality, according to an update shared by the IMF. A cautious step-by-step approach would help the region “explore new technologies effectively to deliver economic and social gains while managing risks,” the International Monetary… Read More

February 7, 2024 @ 6:38 pm By Omar Faridi  |  

NovoPayment, a mission-critical financial and payments infrastructure provider, announced today that it has received Mastercard certification, as part of the Mastercard Network Enablement Partner program, to switch and process Mastercard transactions in Mexico. The Network Enablement Partner (NEP) program is “a Mastercard initiative that enables… Read More