Tagged: venezuela

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

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

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