Tagged: venezuela

Venezuela Now Paying Pensioner Bonuses in Petro Cryptocurrency Not Yet Usable

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

Venezuela Plans to Sell Oil for Petro Virtual Currency in March

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

Venezuela to OPEC: “Petro Will Become the Digital Currency of Oil Transactions Worldwide”

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

Venezuela Promises Stability or Returns on El Petro Cryptocurrency to Holders of New All-Seeing Digital IDs

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

Malta Bank Accused of Money Laundering by Murdered Journalist Loses License

Pilates, a private bank accused by murdered journalist Daphne Carauna Galizia of laundering money for Maltese politicians and foreign interests, has lost its license, Financial Times reports. The license was withdrawn last Friday by the European Central Bank (ECB), several months after Pilatus’ founder and ex-chairman Seyed… Read More

Effective Immediately: Venezuelan Passports Must Be Purchased with El Petro Cryptocurrency; New Migratory Police Force Established

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

Venezuelan President Nicolas Maduro Announces Forthcoming Public El Petro Crypto Sale As Economic and Refugee Crises Deepen

“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

Two Finance Crime Experts Say North Korea Probably Using Crypto to Skirt US Sanctions

Lourdes Miranda, an independent financial intelligence analyst/financial crimes investigator, and Ross Delston, a lawyer specialized in anti-money laundering, have told the Asia Times that they believe North Korea (DPRK) is probably using cryptocurrency channels to skirt US sanctions. “International criminals everywhere prefer crypto-currencies and the… 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

Dash Update: More Than 2,000 Merchants Around the Globe Accepts the Crypto As Payments For Goods & Services Thanks to Venezuela Presence

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

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

Dash Reports Merchant Adoption in Venezuela Exceeds All Other Cryptocurrencies Combined

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

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 is Halting Imports of Cryptocurrency Mining Equipment

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

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

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