Tagged: el petro

Mario Draghi: Euro Cryptocurrency Not a “Concrete Option” for in Near Term, Cash “Remains Popular”

Costs presently outweigh benefits, and so the European Central Bank (ECB), “has no plans to issue a central bank digital currency,” at this time, though it is investigating the matter, says ECB president, Mario Draghi. Draghi made the comments in a September 12th letter responding… Read More

In Search of El Petro: Four Month Investigation by Reuters Turns Up Few Signs of Viability for Venezuelan State Cryptocurrency

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

Russian Politician Floats Deployment of Nuclear Weapons to Syria, Development of Gold-Backed Cryptocurrency as Countermeasures to US Sanctions

A Russian lawmaker, Vladimir Gutenev, told Russian news agency TASS  last week that Russia should consider ‘an asymmetric response’ to US pressure and sanctions, including deployment of nuclear weapons to Syria, suspension of missile non-proliferation treaties and development of a gold-backed cryptocurrency to help Russian… Read More

Venezuela Orders Banks to Adopt El Petro Cryptocurrency as Unit of Account

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

Latam: Users of Ripio’s Crypto Wallet Expect Blockchain to Take Over the Financial System as Hyperinflation Fears Boost Interest

According to a survey from Ripio, users in Latin America overwhelmingly believe blockchain will take over the financial system within the next decade. Ripio is a peer to peer credit network that operates on blockchain. The Ripio wallet has over 200,000 users and is one of… Read More

Venezuelan Government Phasing Out Bolivar for “Sovereign” Pegged to “Petro” Cryptocurrency

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

El Petro: Venezuela Seeking to Amend Constitution to Set Up Crypto Central Bank

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

Rial’s Sharp Drop Over Weekend Boosts Demand for Bitcoin in Iran

The rial traded at historic lows this weekend in Iranian black markets as financial problems made worse by US sanctions continue to take a toll on the country. According to the Arab Times, Iran’s national currency traded at 116 000-to one US dollar Saturday before… Read More

Iran State Cryptocurrency “Ready”

The Iranian minister responsible for information and communications technology, Mohammad Javad Azari-Jahromi, has announced that a cryptocurrency it developed with the ministry’s Post Bank is “ready,” Reuters reports. Iranian State news agency IRNA has reported that the state’s cryptocurrency will be exempted from a ban… Read More

Send this to a friend