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Blockchain Brunch Hamptons White Party • August 21, 2018

 With the SEC decision on the third Bitcoin ETF likely just four weeks away. Right now, there is no better…

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Tag: Venezuela

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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Cryptocurrencies Provide Humanitarian Aid to Conflict-Ridden Venezuela

Category: Altcoins, News

Cryptocurrencies Provide Humanitarian Aid to Conflict-Ridden Venezuela

The appalling economic crisis in Venezuela serves as a robust litmus test of peer-to-peer digital currency transfer mechanisms. Ongoing crypto aid efforts must be encouraged to help a “dire humanitarian situation.” Circumventing Corruption with Cryptocurrencies On July 11, 2018, Forbes cited a Center for Strategic and International Studies (CSIS) report which highlighted the use of cryptocurrencies in providing aid to…

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Cryptocurrencies Defeat Corruption in Venezuela: Reddit User Purchases Food for Community with NANO Donations

Category: Altcoins, News

Cryptocurrencies Defeat Corruption in Venezuela: Reddit User Purchases Food for Community with NANO Donations

Although cryptocurrencies are widely regarded as a lucrative investment vehicle, it is easy to forget the original function of the decentralized assets: that of being a store-of-value quarantined from corruption and state interference. Recently, several families in Venezuela were able to receive much-needed food via cryptocurrency donations. Economic Background Once among Latin America’s wealthiest nations, Venezuela faced the front pincers…

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Volatile Bitcoin More Stable Than Venezuelan Currency, Citizens Embrace Digital Assets After 14,000 percent Consumer Inflation

Category: Altcoins, Bitcoin, News

Volatile Bitcoin More Stable Than Venezuelan Currency, Citizens Embrace Digital Assets After 14,000 percent Consumer Inflation

Several critics have fiercely disregarded the validity of bitcoin as an investment alternative to physical assets. However, citizens of Venezuela may prove them wrong, and provide a significant example of the pioneer cryptocurrency’s function in case of an economic crisis. Think Bitcoin is Volatile? A Quartz report on June 9, 2019, revealed significant insights on bitcoin’s usage in the tattered…

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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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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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Bitcoin Rush in Venezuela: Transaction Volume Reaches $1 Million per Day Milestone

Category: Bitcoin, News

Bitcoin Rush in Venezuela: Transaction Volume Reaches $1 Million per Day Milestone

On April 17, 2018, the bitcoin transaction volume reached a milestone of $1.006 million recorded in a single day according to the data released by VeneBloc. In what is a record for the crisis-stricken country, the attention of Venezuelans have increasingly turned to digital currencies due to the severely devalued local currency. This is how prices look when the government…

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