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Tag: Petro

Central Bank of Norway to Develop Digital Currency Following Decline in Cash Usage

Category: Altcoins, Finance, News, Regulation

Central Bank of Norway to Develop Digital Currency Following Decline in Cash Usage

Prompted by the decline in cash usage, Norges Bank, a central financial institution of Norway, is looking forward to developing its own cryptocurrency. As per Norges Bank’s recent report, dubbed the “Central Bank Digital Currency”(CBDC), plans to act as an alternative to fiat currency to “ensure confidence in money and monetary system.” Other central banks are also analyzing the possibility…

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Russian Bank Allows Venezuelan ‘Petro’ Investors To Circumvent U.S. Sanctions

Category: Business, Finance, News, Tech

Russian Bank Allows Venezuelan ‘Petro’ Investors To Circumvent U.S. Sanctions

A small-time Moscow bank that boasts of President Nicolas Maduro as their largest shareholder, along with two Russian companies, is the new ‘it’ thing for investors that aim at investing in Venezuela’s new cryptocurrency ‘petro.’ Getting Around U.S. Laws The Moscow-based bank, called Evrofinance Mosnarbank, has made a name for itself in the international financial market as being the first…

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President Nicolas Maduro Set to Create Youth Bank Funded by Petro Cryptocurrency

Category: Altcoins, Finance, Mining, News, Regulation

President Nicolas Maduro Set to Create Youth Bank Funded by Petro Cryptocurrency

The Petro flame seems to be burning ever brighter despite the condemnations and criticisms that the Venezuelan national cryptocurrency has faced both locally and internationally since its arrival in February 2018. On May 3, 2018, the nation’s president has revealed that Venezuela is on the verge of establishing a youth bank that will be funded entirely by the oil-backed petro…

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Venezuela Offers India 30 Percent Discount on Crude Oil if it Uses the Petro

Category: Altcoins, Finance, News

Venezuela Offers India 30 Percent Discount on Crude Oil if it Uses the Petro

India can gain a 30 percent discount on crude oil purchases from Venezuela only if the payments are made using the state-endorsed digital currency, the Petro, which is backed by the country’s oil and mineral reserves. Coinsecure Thinking of Listing the Petro The Petro is a cryptocurrency which was developed by the government of Venezuela and was launched sometime in…

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The Venezuela State-owned Cryptocurrency Receives the Satoshi Nakamoto Prize in Russia

Category: Altcoins, Blockchain, News, Regulation

The Venezuela State-owned Cryptocurrency Receives the Satoshi Nakamoto Prize in Russia

The Venezuela state-owned cryptocurrency, Petro, has been awarded the Satoshi Nakamoto Prize by the Russian Cryptocurrency and Blockchain Association (RACIB). The award ceremony was part of RACIB’s BLOCKCHEINF-2018 international congress. Suspected Russian Involvement RACIB is an advocacy group active in the Russian blockchain and cryptocurrency scene. Petro was one of the 13 other award recipients in different categories encompassing mainstream…

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Venezuela’s Cryptocurrency Fell Short of the Mark, but Who’s Next?

Category: Altcoins, Business, Commentary, News, Regulation, Tech

Venezuela’s Cryptocurrency Fell Short of the Mark, but Who’s Next?

NEM’s blockchain has a surprising new use case after Venezuela’s government announced it would be using it to build its very own oil-backed “petro” token. Promising Concept, Poor Execution Sitting on the most significant crude oil reserve in the world, Venezuela theoretically has ample supplies to back its 100 million PTR tokens with 100 million barrels of oil. The project…

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More Trouble For “Petro” As President Trump Bans The Venezuelan Cryptocurrency

Category: Altcoins, Commentary, Finance, News

More Trouble For “Petro” As President Trump Bans The Venezuelan Cryptocurrency

Venezuela’s state-backed cryptocurrency petro has been mired in controversy right from the beginning. Not only did the US Senate took strong objection to it when petro went for a pre-sale, but a section of Venezuela’s own lawmakers have been publicly denouncing it as “illegal.” Executive Order Bars the ‘Petro’ Adding more to the ongoing controversies, the US government has signed…

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‘Petro’ is Illegal Says Venezuelan Lawmakers

Category: Altcoins, News, Regulation

‘Petro’ is Illegal Says Venezuelan Lawmakers

The ongoing controversy surrounding the petro, Venezuela’s state-owned cryptocurrency, continues to dominate the landscape of the South American nation. In a continuation of the saga, the Asamblea Nacional, a faction of the divided Venezuelan Legislature, released a statement on March 6, 2018, calling the petro illegal and unconstitutional. Another Avenue for Corruption The content of the statement put forth by…

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Venezuela Prepares To Launch National Cryptocurrency Petro Amidst Mixed Reaction

Category: Altcoins, Commentary, Finance, News

Venezuela Prepares To Launch National Cryptocurrency Petro Amidst Mixed Reaction

Venezuela has taken a decisive lead against all its peers planning on developing a national cryptocurrency. The economically troubled country is soon going to launch its own “petro” virtual currency through a token sale. Nicolas Maduro, the Venezuelan President, had earlier ordered 100 million Petros, of which nearly 38 million has been kept reserved for institutional investors. The month-long presale…

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