Tagged: venezuela

October 16, 2023 @ 11:23 pm By Omar Faridi  |  

Latin America has the seventh-largest crypto economy of all regions Chainalysis studies. it is not far behind MENA, Eastern Asia, and Eastern Europe. Its position compared to other regions has “held relatively steady over the last two years.” Latin America shows the highest preference “for… Read More

April 14, 2021 @ 8:11 pm By Omar Faridi  |  

Reserve, which claims to be a “flexible” pool of stablecoins designed to “reduce risk” via diversification strategies and “decentralized” governance, reports that during the last week of March 2021, Reserve was “the #1 most downloaded finance app” in Venezuela, and it also “surpassed 100,000 total… Read More

February 2, 2021 @ 12:28 pm By Omar Faridi  |  

Banks in Venezuela are reportedly issuing debit cards for US dollar-denominated accounts, according to a report from Reuters which cited sources familiar with the matter. There’s now a group of Venezuelan banking institutions that have been providing debit cards to customers who maintain accounts in… Read More

December 11, 2020 @ 7:19 pm By Omar Faridi  |  

Global money transfer service Azimo has teamed up with payments focused Fintech firm dLocal in order to allow migrant workers based in Europe and Australia to send funds to almost any bank in Colombia, which reportedly includes Banco de Bogota, Banco de Occidente, and Davivienda…. Read More

December 7, 2020 @ 9:45 am By Omar Faridi  |  

LocalBitcoins, a global peer to peer (P2P) Bitcoin exchange, notes that its platform allows users to invest in BTC which is notably one of the best-performing assets of 2020. The LocalBitcoins team confirms in a blog post: “According to our data, our main markets are… Read More

November 22, 2020 @ 11:48 am By Omar Faridi  |  

Global Fintech firm Circle has teamed up with the Bolivarian Republic of Venezuela and Airtm in order to provide aid to Venezuelan residents using the USDC stablecoin. According to a release, the initiative has been introduced with government support and notably marks “a global first”… Read More

September 9, 2020 @ 8:06 am By Omar Faridi  |  

Cryptocurrency adoption has been growing steadily across the globe, according to Chainalysis’ Global Crypto Adoption Index. As mentioned in a report from the blockchain security firm, the majority of cryptocurrency volume reflects trading and speculation that was conducted by professional or institutional investors that were… Read More

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

March 29, 2020 @ 3:38 pm By Omar Faridi  |  

The US Department of Justice (DOJ) is alleging that several Venezuelan leaders and politicians, including President Nicolas Maduro, took advantage of their positions, financial systems, and virtual currencies to conceal and carry out criminal activity for more than two decades. An indictment released on March… 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

January 5, 2020 @ 11:33 pm By Samantha Hurst  |  

Burger King in Venezuela will soon be allowing Bitcoin as a form of payment. According to Cointelegraph, a single Burger King branch, which is located in the Sambil area of Caracas, now accepts Bitcoin as well as altcoins Ether (ETH), Litecoin (LTC), Binance Coin (BNB),… Read More

October 20, 2019 @ 12:24 pm By Omar Faridi  |  

Bittrex International, the Malta-based international division of the US-headquartered digital asset exchange Bittrex, will reportedly halt operations in Venezuela and 30 other nations. Bittrex’s management sent an email to its Venezuelan customers, noting that the exchange operator would suspend accounts and trading access to the… Read More

August 30, 2019 @ 7:58 am By Cali Haan  |  

Calling el Petro, “the simplest, easiest, and safest way to send money…(and) the only way to avoid depreciation of income,” Venezuelan politicians are now using their equally controversial national cryptocurrency to make a grab at profits gleaned from the country’s substantial remittance market, Miami New… Read More

August 22, 2019 @ 8:38 am By Samantha Hurst  |  

Singapore-based Pundi X announced on Thursday it is teaming up with department store chain Traki to enable crypto payments in its stores across Venezuela. Pundi X reported that through its software XPOS, Traki customers are able to use various cryptocurrencies as payment options for the… Read More

July 12, 2019 @ 10:12 am By Cali Haan  |  

Two researchers at The Foundation for Defense of Democracies (FDD) have produced a comprehensive report on Russia, Venezuela, Iran and China’s efforts to create or exploit alternative payment systems that would allow them to circumvent the US dollar as a means of enforcing American foreign… Read More

May 9, 2019 @ 10:01 pm By JD Alois  |  

The Financial Crimes Enforcement Network (FinCEN) has issued an updated advisory to warn financial institutions of continued widespread public corruption in Venezuela. This is part of an ongoing effort to isolate the Maduro regime who recently lost a popular election but has refused to leave… Read More

March 13, 2019 @ 8:06 pm By Cali Haan  |  

As part of its ongoing measures against the “illegitimate regime” of Nicolas Maduro in Venezuela, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned Evrofinance Mosnarbank, “a Moscow-based bank that is jointly owned by Russian and Venezuelan state-owned companies.” According… Read More

January 27, 2019 @ 12:47 pm By Cali Haan  |  

Sources to Bloomberg have claimed that The Bank of England (BOE) is refusing to release $1.2 billion USD of Venezuela’s gold to the country’s officials. A delegation led by Calixto Ortega, president of Venezuela’s central bank,  reportedly visited London in December seeking access to the… Read More

January 16, 2019 @ 11:03 am By Cali Haan  |  

Nicolas Maduro, President of Venezuela, has announced a ten-fold increase to the value of the country’s new national cryptocurrency, el petro, to 36 ooo sovereign bolivars (not to be confused with standard bolivars) and has also raised the minimum wage in the country by 18 000… Read More