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Tag: Petro

Bitcoin Developer’s Exchange Could Be the First Within the GCC Region

Category: Adoption, Altcoins, Bitcoin, Business, Exchange, Finance, Investment, News, Regulation

Bitcoin Developer’s Exchange Could Be the First Within the GCC Region

Talks of Bahraini cryptocurrency exchange Rain expanding into the GCC emerged on October 10, 2018, which would make Bitcoin developer Jimmy Song’s exchange the first in the region. The GCC, also known as the Gulf Cooperation Council, is a region within the middle east that includes all Arab States of the Persian Gulf except Iraq. Qatar, Saudi Arabia, and the…

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Venezuela Officially Launches State-Backed Petro, Passport Fees Now via Crypto-Only

Category: Altcoins, Blockchain, Ethereum, Investment, News, Platform, Tech

Venezuela Officially Launches State-Backed Petro, Passport Fees Now via Crypto-Only

Venezuelan President Nicolas Maduro officially launched the Petro, a state, and oil-backed cryptocurrency. According to the RT article published on October 8, 2018, while the goal of the state-backed cryptocurrency is to consolidate Venezuela’s economic stability, experts and analysts, however, remain skeptical and question whether oils and minerals back the token. Financial Experts Believe the Petro Will Not Catch On…

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Much Ado About the Petro: What Is Venezuela’s President Maduro up To?

Category: Altcoins, Bitcoin, Exchange, Finance, ICO News, Investment, News

Much Ado About the Petro: What Is Venezuela’s President Maduro up To?

Several conflicting accounts abound of the situation on ground in South America’s largest oil producer, but what is known for sure is that on Saturday, August 18, 2018, Venezuelan president Nicolás Maduro announced a controversial attempt to escape the woes of the near-worthless Bolivar by creating a new state-backed digital currency called the “Petro”. What exactly is the Petro, and…

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Venezuelan Authorities Mandate Local Banks to Integrate Oil-backed Petro Cryptocurrency

Category: Adoption, Altcoins, Finance, News, Regulation

Venezuelan Authorities Mandate Local Banks to Integrate Oil-backed Petro Cryptocurrency

Venezuela’s President Nicolas Maduro and his cabinet are determined to liberate the nation from the age-long economic crisis that has plagued the region, with its native digital currency the Petro. Per a France 24 report on August 28, 2018, authorities have ordered local banks present in the region to adopt the Petro crypto. Banks to Use the Petro Altcoin According…

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Oil-backed Petro Cryptocurrency Set to Officially Become Venezuela’s Second Unit of Account

Category: Altcoins, Blockchain, Development, Finance, News, Tech

Oil-backed Petro Cryptocurrency Set to Officially Become Venezuela’s Second Unit of Account

President Nicolas Maduro of Venezuela has announced on August 14, 2018 that with effect from August 20, 2018, the petro cryptocurrency would officially become the second unit of account in the nation, as the central bank issued altcoin will be used extensively by state-owned oil firm, PDVSA and may also be used to pay workers’ salaries. Petro Crypto Goes Official…

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Venezuela’s Move to Crypto and away from State Sanctions and Inflation

Category: Altcoins, Commentary, Finance, News, Regulation

Venezuela’s Move to Crypto and away from State Sanctions and Inflation

In order to curb inflation in Venezuela, five zeroes will be removed from the national currency, the Bolivar according to July 26, 2018, reports. Furthermore, the value of the money will reportedly be tied to the government-controlled cryptocurrency, the Petro. Venezuela before the Fall Hyperinflation has plagued Venezuela since the 2014 drop in oil prices proved to be a cataclysm…

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Housing the Homeless: Venezuela Set to Build Homes with Petro Cryptocurrency

Category: Altcoins, News

Housing the Homeless: Venezuela Set to Build Homes with Petro Cryptocurrency

Despite initial criticisms that threatened to fire down Venezuelan President Maduro’s oil-backed crypto initiative, the Petro appears to be waxing stronger with each passing day. Now, the state’s authorities are set to build homes for the homeless with the altcoin funds. The Maduro Dream According to a Venezuelan news source, Telesur, the South American nation is looking to finance a…

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Crypto Markets Decline Stopped by SEC Decision That Decentralized Cryptocurrencies Are Not Securities: Week in Review Jun. 18

Category: Altcoins, Bitcoin, Crime, Ethereum, Finance, News, News Digest, Regulation, Tech

Crypto Markets Decline Stopped by SEC Decision That Decentralized Cryptocurrencies Are Not Securities: Week in Review Jun. 18

It has been a sobering week for crypto investors as the price of bitcoin continued last week’s decline to drop another ten percent versus last week’s close after a new study suggested that Tether (USDT) trading manipulated the bitcoin rally of late-2017. Fortunately, for bitcoin and – especially ether – holders, the U.S. Securities and Exchange Commission (SEC) director William…

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Exploring a Fedcoin and Other State-Backed Cryptocurrencies

Category: Altcoins, Bitcoin, Blockchain, Finance, News, Tech

Exploring a Fedcoin and Other State-Backed Cryptocurrencies

While bitcoin and other cryptocurrencies were built to rival fiat currencies issued by centralized institutions, they have now become more popular as an investment tool rather than a payment method. Recognizing this emerging market, legacy financial institutions are now contemplating taking their first step in the world of cryptocurrencies. Several central banks around the globe, for example, have already expressed…

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India Squashes Petro Rumors, Will Not Accept the Digital Currency For Oil Imports

Category: Altcoins, Business, Finance, News

India Squashes Petro Rumors, Will Not Accept the Digital Currency For Oil Imports

Despite the criticisms that the controversial Petro cryptocurrency has faced both locally and internationally since its launch in February 2018, the coin’s backers have unsuccessfully tried their best to gain relevance and seek a robust use-case. However, most countries have thwarted the idea of using a cryptocurrency for official deals. India Shuns the Petro Amongst them is India, a long-time…

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