Tag: petro

  • Venezuela
    Altcoins

    Venezuela Formally Releases Petro, Will It Aid the Country’s Economic Recovery?

    Venezuela’s oil-backed cryptocurrency, the Petro, will be released to the global markets this Monday, marking one of the first cryptocurrencies in the industry to be created and administered by a government. The cryptocurrency is part of the government’s “Economic Recovery, Growth, and Prosperity Program” that came about after...

    Cole Petersen | October 2, 2018 | 8:00 pm
  • Petro
    Altcoins

    Report Finds Venezuela’s Petro is Not Being Used in the Country

    Following the creation of Venezuela’s state-backed cryptocurrency, the Petro, citizens in the economically tumultuous country say that use of the Petro is nowhere to be found. The new investigative report from Reuter’s comes just a couple weeks after President Maduro declared it as the second national currency and...

    Cole Petersen | August 30, 2018 | 9:00 pm
  • Petro
    Altcoins

    Venezuelan President Orders Banks to Adopt Petro

    In an effort to fight back against the ill-effects of his presidency’s economic policy, Nicolás Maduro has ordered Venezuela’s banks to accept the petro digital currency as a unit of account. The Venezuelan President has also increased public’s minimum wage, price of petrol, and VAT in his latest...

    Rick D. | August 28, 2018 | 11:00 pm
  • Industry

    Crypto is Taking Over Venezuela, Due to the Country’s Destroyed Fiat System

    Venezuela is facing hyperinflation and international sanctions that have brought the economy and its people to their knees. In response, President Nicolás Maduro recently mandated that his Petro crypto will become the nation’s second official currency starting tomorrow, August 20. In relation, some believe a “post-fiat” world is emerging in...

    Thomas Delahunty | August 20, 2018 | 9:00 am
  • Iran
    Industry

    Iran Is Moving Ahead With Local Cryptocurrency Development Despite Crypto Ban

    Despite last weeks ban on the cryptocurrency market by central banking authorities, Iran is still moving ahead with plans to develop an experimental local coin, according to a government minister. Just last week Iran’s central bank prohibited banks in the country from dealing in cryptocurrencies, citing fears of...

    Thomas Delahunty | April 30, 2018 | 4:00 pm
  • Altcoins

    Venezuela Coaxes India to Pay For Crude Oil With Petro Cryptocurrency

    Venezuela’s Petro cryptocurrency has been off to an interesting start. Despite clear opposition from various countries, the Venezuelan governments want to improve the widespread use of this currency. As such, the government is now looking at India to purchase crude oil from Venezuela at a 30% discount. This...

    JP Buntinx | April 30, 2018 | 1:44 pm
  • Altcoins

    Russia In Talks With Venezuela to Use ‘El Petro’

    Petro, the cryptocurrency launched by the government of Venezuela in February 2018, is being considered by Russia as a means of international transactions, according to the Venezuelan Foreign Ministry. Venezuelan-backed Cryptocurrency Could Be Used By Russia A Russian-Venezuelan high-level intergovernmental meeting taking place in Caracas is discussing a number...

    Ricardo Esteves | April 4, 2018 | 1:33 am

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