TagNicolas Maduro

Record Bitcoin Trade in Venezuela as Top Bank Launches Petro Services

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petro cryptocurrency

The largest bank in Venezuela, the state-owned Bank of Venezuela, appears to have launched services to facilitate transactions in the country’s state-issued oil-backed virtual currency, the Petro. According to Decrypt, Bank of Venezuela customers have reported a new module integrated into the management interface of their accounts to facilitate registration for a digital wallet that supports the...

Bitcoin Trading Activity Goes Ballistic in Venezuela as Rule of Law Erodes

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venezuela bitcoin trading hits new record

The worse the political, social, and economic conditions in Venezuela get, the more that residents suffering under the Maduro regime pile into Bitcoin. According to Coin Dance, more than 47 billion Venezuela bolivars were traded against Bitcoin in the first week of July. This broke a previous record that had been set in mid-June. While the rising amounts of bolivars being spent on buying Bitcoin...

Bolivar to Bitcoin Volumes Hit All-Time High as Venezuela Crisis Intensifies

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Venezuela, Bitcoin, Maudro, Bolivar

By CCN.com: As the political and economic crisis in Venezuela escalates, citizens of the South American country are taking refuge in Bitcoin. In the final week of April, a record amount of Venezuelan bolivars were spent buying bitcoin per Coin Dance. Specifically, bitcoin worth more than 36.5 billion bolivars were purchased last week. The previous record was bitcoin worth 31.3 billion bolivars...

Cryptocurrency: Zuckerberg, Dimon, Maduro...You Are Not Welcome Here!

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Facebook is the latest in a raft of corporate or government entities creating their own cryptocurrencies. Within weeks of JPMorgan announcing its plans to launch the JPMorgan coin, sources leaked confirmation of the crypto landscape’s worst-kept secret--that the Zuckerberg blockchain team was working on a native cryptocurrency. The social network joins a dubious lineup of centrally controlled...

Maduro Scoops 8 Tons of Venezuelan Central Bank Gold for Illegal $340 Million Cash Swap

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Maduro, Venezuela Gold

Eight tons of gold has been taken out of the vaults of Venezuela’s central bank as tightening sanctions push President Nicolas Maduro to take extraordinary measures to remain solvent. Per opposition legislator Angel Alvarado and anonymous government sources, the gold was removed from the central bank vaults last week. Alvarado told Reuters that the gold will likely find a market outside the...

Venezuela's Socialist Establishment Bares its Ugly Fangs with Parasitic Crypto Tax

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venezuela nicolas maduro vladimir putin petro cryptocurrency

After years of hiding behind the fig leaf of socialism and revolutionary anti-imperialist rhetoric, the embattled Venezuelan government of Nicolas Maduro has shown its true colours with a new 15 percent tax on cryptocurrency transactions that may be best described as opportunistic, if not an act of outright tyranny. Venezuela's New Cryptocurrency Tax At a time when Hugo Chavez’ successor is...

Turns out Venezuela's Oil-Backed Petro Cryptocurrency is Real after All

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petro cryptocurrency venezuela

In December 2017, Venezuelan President Nicolas Maduro announced that the South American nation’s government was going to launch an oil-backed cryptocurrency called the Petro. Since then, the cryptocurrency' actual existence has been questionable, but CCN recently got our hands on some tokens. Venezuela's Petro Cryptocurrency Exists Ever since Maduro’s announcement, the Petro has been a...

Venezuela Gives Maduro the Boot, Will This be the End of His Petro Cryptocurrency?

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venezuela nicolas maduro petro cryptocurrency

The world is watching complete chaos in Venezuela, which is dire financial straits. Crypto investors who steered clear of a crypto offering peddled by the country’s president should be breathing a sigh of relief. Venezuela’s president Nicolás Maduro is being ousted over the country’s miserable financial situation.  Opposition leader Juan Guaidó announced himself as the country’s new leader this...

Venezuela Starts Converting Pensioners’ Payments to Crypto 'Petro': Report

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petro cryptocurrency venezuela

The government of Venezuela has reportedly started converting pensioners’ monthly payments from the country’s fiat currency, the bolivar, to its oil-backed cryptocurrency Petro, without giving them a choice. According to the Caracas Chronicles, a politics and economics-focused website based in Venezuela, the country’s pensioners are notified every time their monthly payments arrive, but this time...

Cryptocurrency Accepted: Venezuela Will Sell Oil for Petro, Maduro Says

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venezuela nicolas maduro vladimir putin petro cryptocurrency

The government of Venezuela has announced that it plans to create a basket of cryptocurrencies for the oil-backed state cryptocurrency, the Petro. This initiative will allow the government to sell oil in exchange for petros and bypass US-imposed sanctions at the same time. The sale and purchase of crude oil with cryptocurrency will begin in March 2019. President Nicolás Maduro stated on Thursday...

Absurd: Investors Can Only Trade Venezuelan Petro to Crypto if Bought in 2018

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venezuela nicolas maduro petro crypto

According to TeleSUR TV, a mainstream media outlet in Venezuela, the country’s “cryptocurrency” called the Petro can only be traded to other crypto assets if bought before the end of 2018. Former Wall Street bond trader and digital asset analyst Jill Carlson translated the speech of Venezuelan President Nicolas Maduro, which read: "Anyone who buys the Petro until Dec 31 will be able to convert it...

Controversial Venezuelan State Cryptocurrency 'Petro' is Now for Sale

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petro cryptocurrency venezuela

After months of speculation regarding the status of Venezuela's much-publicised Petro cryptocurrency project, the Venezuelan government has announced that the Petro is now available for sale and can be bought with bitcoin and litecoin. A tweet from the official account of the Venezuelan Vice president of the Economy, Tareck El Aissami posted on October 29 reads: "The Petro may be acquired by...

As Petro Launch Looms, Venezuela's Bolivar Eyes 1.4 Million Percent Inflation

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venezuela cryptocurrency petro

Based on findings from the International Monetary Fund (IMF), the annual inflation rate for Venezuela could reach as high as 1.37 million percent by the end of 2018. Inflation estimates for the country have risen several times this year as Venezuela struggles with policies and production -- and prepares to launch its Petro cryptocurrency No Stranger To The Headlines Venezuela has made headlines...

Public Sale of Venezuela’s State Crypto Petro to Commence on November 5

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With the Petro now officially launched, the public sale of the state-backed cryptocurrency will begin early next month. In a televised address on October 1 during Venezuelan president, Nicolas Maduro announced that the public sale of the Petro will kick off on November 5. Though he did not list names, Maduro also indicated that the state-backed cryptocurrency is currently available on six...

Venezuela's Oil-Backed Petro Appears to Be a ‘Blatant’ Copy of Dash

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Venezuela petro nicolas maduro

Venezuela’s oil-backed cryptocurrency Petro (PTR) appears to be a “blatant” copy of Dash, as it has the same mining algorithm, similar features, and a part of its whitepaper appears to have been lifted from that of the privacy-centric cryptocurrency. As first pointed out by Ethereum developer Joey Zhou on Twitter, the oil-backed cryptocurrency’s whitepaper has on its 11th page an image that...

Venezuelans Queue Up at Gas Stations as Maduro's Latest Fintech Plan Falters

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Nicolas Maduro Venezuela Petro

As Venezuelan President Nicolas Maduro starts rolling out major monetary changes, citizens have hit a snag with the new point-of-sale systems at gas pumps, according to a report from Reuters. Long lines gathered at gas stations where drivers were unable to use the payment systems to purchase gas, adding to the list of infrastructure problems caused by hyperinflation, including healthcare and food...

Dash Price Rises 20% on Venezuelan Adoption Push

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dash price venezuela

Dash (DASH) is currently experiencing a strong price surge, rising about 20 percent in the space of 24 hours as news coming out of Venezuela indicates that it is experiencing a solid increase in adoption by users fleeing the bolivar's six-figure inflation rate. Hyperinflation, Petro, and Dash CCN reported recently that Venezuelan president Nicholas Maduro announced the creation of the "Sovereign...

Venezuela’s Central Bank Launches Android App to Convert Bolivars to Petro-Pegged Currency

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Google Play Store Cryptocurrency

The Banco Central de Venezuela, Venezuela’s central bank, has recently launched an Android app to help the country’s residents convert the country’s old fiat currency, the bolivar, to the new Petro-pegged Bolivar Soberano – the Sovereign Bolivar. The app, first spotted by Bloomberg, is called “Calculadora Soberana” (Sovereign Calculator) and doesn’t do particularly complex math, as it pretty much...

Interview: Bitcoin Venezuela on Why the Petro Cryptocurrency Isn't Even 'Backed by Trust'

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petro cryptocurrency

Randy Brito is the head of Bitcoin Venezuela, a non-profit organization dedicated to educate and promote Bitcoin in Venezuela. He is also spearheading the Locha project, which he describes as "an effort to push the needed developments and research for achieving the hyperbitcoinization in Venezuela."  Brito also sees a use case for bitcoin in countries like Turkey and Iran,which have suffered...

Venezuela Looking to Launch a Central Bank for Cryptocurrencies

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Venezuela is reportedly looking to lunch a central bank for cryptocurrencies, as the country’s National Constituent Assembly is preparing to reform the Venezuelan Constitution to include it, along with a court above its Supreme Court. According to Reuters, information on the development was provided by Hermann Escarrá, which the outlet describes as “one of the most influential members of the...

Venezuela to Launch Petro-Pegged Fiat Currency Next Month

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Nicolas Maduro Venezuela Petro

Venezuela, a country battling one of the deepest economic recessions on record, is set to launch a new fiat currency pegged to its oil-backed "petro" cryptocurrency next month, according to President Nicolas Maduro. Venezuela to Create Fiat Currency Pegged to Cryptocurrency That is Pegged to Oil As reported by local news outlet Telesur, Maduro said that the new fiat currency, called the Bolivar...

Venezuela to Finance Villas for the Homeless with Oil-Backed Cryptocurrency Petro

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petro cryptocurrency

Venezuela’s minister of Habitat and Housing, Ildemaro Villarroel, recently revealed that the country’s government is planning to finance the construction of villas using its oil-backed cryptocurrency, the Petro. According to local news outlet Telesur, the villas will be financed as part of the country’s housing project “la Gran Misión Vivienda Venezuela (GMVV),” which according to sources aims to...

Bitcoin: An Alternative Solution to Venezuela’s Economic Crisis

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Nicolas Maduro Petro

One million units of a nation’s currency to buy a cup of coffee would have been unthinkable before now. This is the case in Caracas, Venezuela, today, where it now costs one million bolivars to buy a single cup of coffee. This is due to the hyperinflation of the past 12 months in the once-rich OPEC country, which has now climbed to 43,378 percent. Incredibly bleak moment milestone for Venezuela...

Venezuela’s Petro Saga Set to Continue as Maduro Is Re-Elected in Controversial Election

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Venezuelan president Nicolás Maduro has been re-elected this Sunday, which means he’s staying in power for another six years. The electoral process was embroiled in controversy, as his mains rivals claim it was filled with irregularities. Maduro’s new term presumably means the country’s oil-backed cryptocurrency, the Petro, will keep on growing. According to Reuters, the 55-year-old won the...

Venezuela's Oil-Backed Crypto Petro Grows Thanks to a Little-Known Russian Bank

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Venezuela’s oil-backed cryptocurrency, the Petro (PTR), has been surviving thanks to a little-known Russian bank, Evrofinance Mosnarbank, which has recently emerged as the only international financial institution willing to defy the US’ sanctions against the South American nation. According to an Associated Press report, early would-be Petro investors who registered with Venezuela’s government...

Venezuela to Launch Petro-funded Youth Bank, Maduro Claims

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Nicolas Maduro Petro

Venezuela will open a youth bank funded by the government’s state-backed petro cryptocurrency, the country’s president said on Thursday. Nicolas Maduro announced the initiative during a youth rally held in the state of Aragua, and regional news outlet Telesur reports that he committed to funding the project with 20 million units of its recently-launched petro currency, which he says are...

30% Off! Venezuela Offers India Cheap Crude Oil on a Discount, if Paid in Petro

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oil bitcoin

Venezuela has recently offered India a 30 percent discount on crude oil purchases if the country purchases it using its oil-backed cryptocurrency, the Petro. According to a report published by the Business Standard, a team of experts from Venezuela’s blockchain department went to India last month to conduct the deal. While in India, Venezuela’s experts struck a deal with Delhi-based...

Venezuela’s Bolivar Sees 454% Inflation in Q1 as Maduro Hawks the Petro

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Nicolas Maduro Venezuela Petro

Runaway inflation continues to devalue the Venezuelan Bolivar (VEB), even as the country’s authoritarian government seeks to divert attention from the floundering economy by hawking its “Petro” cryptocurrency. According to Reuters, prices in Venezuela rose by 454 percent during the first quarter of 2018 and have swelled by 8,900 percent over the past 12 months. Those numbers are from the...

Venezuela “May” Charge for Exports in Oil-Backed Cryptocurrency Petro

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oil bitcoin

Venezuelan leader Nicolás Maduro has revealed that the country’s state-owned companies may start charging for exports in the country’s oil-backed cryptocurrency, the Petro (PTR). According to the country’s Cuatro F newspaper, even real estate is set to be purchasable with the cryptocurrency. In a piece published in the newspaper, Maduro stated the Petro came to “revolutionize the global...

Free Publicity: Venezuela Thanks Trump’s Petro Ban for Doubling Investors

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The executive secretary of Venezuela’s Blockchain Observatory, Daniel Peña, recently did an interview for the country’s Cuatro F newspaper, in which he claims Donald Trump’s Petro (PTR) ban was free publicity for the oil-backed cryptocurrency. So much so, it allegedly helped double the number of interested investors. As covered by CCN, US President Donald Trump issued an executive order banning...

Venezuela's President May Have Falsified Information on the Petro

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Nicolas Maduro Petro

Venezuela's token El Petro, the world's first state cryptocurrency, would have raised $ 5 billion in its initial money offer (ICO), according to Venezuelan President Nicolás Maduro. However, upon a review of the claim CCN and Criptomoedas Fácil, the numbers announced by Maduro have great chances of being false given that the announced value is impossible to have been collected. According to the...

Russia ‘Secretly’ Helped Venezuela Launch State Crypto Petro: Report

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venezuela nicolas maduro vladimir putin petro cryptocurrency

Venezuela’s oil-backed cryptocurrency, the Petro, was the work of a joint collaboration between Venezuelan and Russian government officials with Putin’s personal approval, Time Magazine said Tuesday. Citing anonymous sources close to the ‘half-hidden joint venture’ between Venezuelan and Russian officials, Time Magazine is reporting that Russian president Vladimir Putin signed off on Kremlin...

Could Trump’s Executive Order Banning ‘Petro’ Transactions Lead to Backdoor Cryptocurrency Regulations?

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Trump Ross Ulbricht

President Donald Trump’s executive order banning US residents from engaging in transactions related to Venezuela’s “Petro” cryptocurrency could give the federal government an opening to regulate cryptocurrencies more closely under the guise of national security. The order, signed by Trump on Monday and effective immediately, makes it illegal for US citizens and residents to transact with the...

Brookings: Venezuela's Petro Undermines Legitimate Cryptocurrencies

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Brookings Institute analysts recently argued that Venezuela’s oil-backed cryptocurrency, the Petro (PTR), is likelier to harm legitimate cryptocurrencies like Bitcoin and Ethereum, than it is o help Venezuelan’s escape the recession the country is currently enduring. Through an article published on its website, the think tank first noted that Venezuelan President Nicolás Maduro claims the Petro...

Venezuelan President Claims Petro Pre-Sale Raked in $5 Billion

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Nicolas Maduro Venezuela Petro

Venezuelan President Nicolás Maduro claimed the pre-sale of the country’s oil-backed cryptocurrency, the Petro (PTR), has raised $5 billion and recorded over 186,000 certified purchases, according to local news source TeleSUR. The announcement came during a meeting with members of the United Socialist Party of Venezuela (PSUV), in Caracas. During the meeting, Maduro explained that the money...

Venezuela to Auction Petro via Its Dicom Foreign Exchange Platform

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According to Venezuelan vice president Tareck El Aissami, the country’s oil-backed cryptocurrency Petro (PTR) will be auctioned to private companies via the country’s Dicom foreign exchange platform “in a few weeks.” While speaking at a meeting broadcast on state television, El Aissami stated that the Petro will be auctioned, and added that companies will be able to use the country’s oil-backed...

A Fraud: Venezuela’s National Assembly Declares Petro Unconstitutional

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Venezuela’s Assemblea Nacional [National Assembly] recently declared it believes the country’s oil-backed cryptocurrency, the Petro (PTR) is unconstitutional. Through a public statement, the lawmakers denounced the cryptocurrency as a fraud, and a threat to those who invest in it. In the public statement, the lawmakers criticized the cryptocurrency’s token sale in general, which reportedly...

Venezuela’s Petro “May Help the Global Currency System”: Chinese Credit Rating Giant

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Dagong Global Credit Rating, one of China’s biggest credit rating agencies, recently published a report commenting on Venezuela’s oil-backed cryptocurrency, the Petro (PTR). Per the report, the cryptocurrency “may help the global currency system return to its basic value.” While the agency doesn’t assert whether the Petro can help Venezuela’s economy, it points out the issuance of an oil-backed...

Venezuelan President Orders Airlines to Accept Petro, Cryptocurrencies for Tickets

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Venezuela’s oil-backed cryptocurrency keeps making headlines, as the country’s cryptocurrency superintendent, Carlos Vargas, recently announced that airlines in Venezuela can now accept the Petro (PTR) and other cryptocurrencies as a payment method. The cryptocurrency superintendent announced the move according to instructions from the country’s president, Nicolás Maduro. Via Twitter, he revealed...

Venezuelan President Claims ‘Petro’ Has Received 171,000 Pre-registrations

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Nicolas Maduro Venezuela Petro

The initial coin offering (ICO) presale for Venezuela’s high-profile ‘Petro’ cryptocurrency has been a resounding success -- at least according to state-run media outlets. Venezuela Claims ‘Petro’ Cryptocurrency Has Received 171,000 Intents to Contribute On Monday, Nicolas Maduro announced through the official presidential Twitter account that more than 171,000 individuals and companies had pre...

Venezuela's President Orders State-Owned Companies to Accept Petro

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venezuela nicolas maduro petro crypto

After officially launching the oil-backed Petro (PTR), Venezuela’s own cryptocurrency, the country’s leader Nicolás Maduro has ordered state-owned businesses to transact in it when buying and selling products and services. According to a video posted on Twitter by local television network VTV, the Venezuelan president ordered these businesses to convert a percentage of their sales and purchases...

Venezuela Announces New ‘Petro Gold’ Cryptocurrency, One Day After Launching the Petro

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Venezuelan leader Nicolás Maduro has recently announced that within one week, the county is going to launch a new cryptocurrency, the Petro Gold. The cryptocurrency, according to local news source Telesur, will be backed by precious metals. Notably, Maduro’s announcement was made Wednesday (Feb. 21), one day after Venezuela launched its oil-backed cryptocurrency, the Petro. As covered by CCN, the...

ETH or NEM? The Confusion Surrounding Venezuela's 'Petro' Token Blockchain

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As recently covered by CCN, Venezuela’s Petro (PTR) oil-backed cryptocurrency is now being sold to investors in its pre-sale stage. Venezuelan leader Nicolás Maduro has stated that the government already netted $735 million from the token’ sale, without backing his claim with any evidence. The Petro is set to be used to pay taxes, fees, and other public needs, as well as in international deals...

Venezuelan President Claims 'Petro' Pre-Sale Netted $735 Million in Its First Day

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Venezuela petro nicolas maduro

Venezuelan leader Nicolás Maduro recently said that the country received $735 million through the pre-sale of its Petro (PTR) cryptocurrency, in only one day. The Petro, as previously covered by CCN, is a cryptocurrency that’s set to help Venezuela bypass US sanctions, as the bolivar plunges. Venezuela is notably the first country to launch its own cryptocurrency, and Nicolás Maduro celebrated...

82.4 Million Tokens: Venezuela Officially Launches 'Petro' Cryptocurrency Pre-Sale

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oil bitcoin

The Venezuelan government has officially launched the pre-sale of its Petro (PTR) cryptocurrency. The Petro, as previously covered, is an Ethereum-based ERC-20 token that’s supposedly pegged to the country’s notable oil reserves. The cryptocurrency’s token, expected to be worth about $60, will be divisible into 100 million parts, with the smallest one being the “mene.” According to Latin American...

Venezuela Reveals Petro Will Be an ERC-20 Token With a Private Presale

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As previously reported by CCN, Venezuela is set to issue its Petro cryptocurrency through a token sale. Out of the 100 million Petros Venezuelan leader Nicolás Maduro ordered, about 38.4 million will go to institutional investors in a month-long presale, set to begin March 1. This presale, according to Bloomberg, will be private, obscuring the potential discounts the country offers investors...

Venezuela to Accept Hard Currencies and Cryptocurrencies in Petro Presale

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As reported by CCN, Venezuela is going to issue its Petro cryptocurrency through a token sale. Out of the 100 million Petros Venezuelan leader Nicolás Maduro ordered, about 38 million will go to institutional investors, in a month-long presale set to begin on February 15. Only institutional investors will participate in the presale, and will reportedly be able to buy the cryptocurrency at a...

Fake News: Venezuela Rejects “False Information” on Petro Whitepaper

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The Venezuelan government has recently stated that “false information” about its oil-backed Petro cryptocurrency has been published online. According to Reuters, the government is rejecting a leaked, allegedly fake, Petro whitepaper. The superintendence of Venezuelan Cryptoassets and Related Activites, bullishly announced late last year by president Nicolás Maduro to “govern” the cryptocurrency...

Venezuela to Issue Petro Cryptocurrency through Token Sale, Plans Tax Deals to Bolster Adoption

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According to Bloomberg News, Venezuela plans on bolstering its Petro cryptocurrency by accepting it as a form of payment for fees and taxes, using it in international business, and encouraging its use through tax incentives.. The plan will also include paying public workers in the cryptocurrency. Notably, Bloomberg revealed that out of the 100 million Petros Venezuelan president Nicolás Maduro...

$6 Billion Oil-Backed Cryptocurrency: Venezuela’s President Orders Issue of 100 Million Petros

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venezuela nicolas maduro petro crypto

Venezuelan president Nicolás Maduro has announced the issuance of 100 million petros, the state’s proposed upcoming national cryptocurrency backed by its oil reserves, the world’s largest by any country. Venezuela’s national cryptocurrency, the petro, will soon see its first issuance after Maduro’s mandate to issue 100 million units of the digital tokens. Each petro will be directly valued to a...