Tagged: petro

India Rejects US Sanctions but Declines to Buy Venezualan Oil Using El Petro Cryptocurrency

Earlier this month we reported that Venezuela tired to increase demand for its new and controversial state cryptocurrency, El Petro, by offering India a 30% discount on oil purchased with the currency. Venezuelan officials reportedly travelled to several potentially sympathetic countries earlier this year trying… Read More

Venezuela Offers India Discount on Crude Oil- Must Pay in Petro Cryptocurrency

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

Reports of Russia’s Involvement in Venezuela’s Petro Crypto called Fake News by Russian Official

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

Secretary of the Treasury Mnuchin Sanctions Venezuelan Officials Targeting Petro Cryptocurrency

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

President Trump Signs Executive Order to Ban Venezuela’s Petro Cryptocurrency

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

Determined: Venezuela Issues White Paper on Controversial Proposed Petro Cryptocurrency

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