August 15, 2018 @ 6:05 pm By Cali Haan  |  

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

August 14, 2018 @ 10:10 pm By Cali Haan  |  

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

July 31, 2018 @ 9:59 pm By Cali Haan  |  

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

July 25, 2018 @ 3:55 pm By Samantha Hurst  |  

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

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 31, 2018 @ 2:56 pm By Cali Haan  |  

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

May 5, 2018 @ 9:34 am By Cali Haan  |  

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

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