Tag: Venezuela

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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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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In a bid to mitigate the adverse effects of hyperinflation on the Venezuelan economy, President Nicolas Maduro introduced the oil-backed petro crypto earlier in 2018. Now, as reported by Business Insider on August 22, 2018, other altcoins are beginning to gain massive adoption in the region, with dash leading the way. Dash Goes Live in Venezuela According to a Business…

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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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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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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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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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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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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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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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