Tagged: petro

August 27, 2020 @ 10:00 pm By Omar Faridi  |  

Venezuela is experiencing one of the worst economic crises in history. The South American country’s national currency, the Bolivar, has become practically worthless due to extremely high levels of hyperinflation (about 10,000,000% during 2019). Venezuela’s residents are also suffering due to serious socioeconomic challenges, as… Read More

April 12, 2020 @ 4:20 pm By Omar Faridi  |  

Venezuela-based digital currency exchange Criptolago has confirmed that it will introduce a text message-based payment platform that can handle transactions in Venezuela’s controversial (allegedly) oil-backed Petro (PTR) cryptocurrency and other major digital assets. The new payment system could potentially help Venezuela’s residents with transacting in … Read More

January 6, 2020 @ 10:53 am By Omar Faridi  |  

Nicolás Maduro, president of Venezuela, a country suffering from record levels of hyperinflation and rampant corruption, says that the South American nation will be selling oil and part of its gold it produces for Petro, the highly controversial national digital currency. In statements shared with… Read More

May 31, 2018 @ 11:15 pm By Cali Haan  |  

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

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