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Tag: Venezuela

Venezuela’s ‘Petro’ Cryptocurrency Raises $735 million in Pre-Sale

Category: Altcoins, Business, Commentary, News, Regulation

Venezuela’s ‘Petro’ Cryptocurrency Raises $735 million in Pre-Sale

Nicolas Maduro, the President of Venezuela, has announced that the country’s petro cryptocurrency has raised $735 million in the first day of its pre-sale. Maduro announced during a state television address on February 20, 2018. Flanked by the country’s Vice President, Tareck El Aissami and Hugbel Roa, the country’s minister for Education, Science, and Technology, the President delivered a dig…

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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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Over 860,000 Venezuelans register to Mine State-Backed Cryptocurrency “Petro”

Category: Altcoins, Mining, News

Over 860,000 Venezuelans register to Mine State-Backed Cryptocurrency “Petro”

The South American country, Venezuela, has registered over 860,000 individuals to mine the country’s oil-backed cryptocurrency called ‘Petro.’ The country is looking for more citizens to enroll in the portal launched by the Superintendence of Cryptocurrencies and Related Activities. The last date for registration is January 21, 2018. From the registered individuals, over 300,000 have already begun working at the…

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PepeCash Co-Founder: “I Don’t Have a Single Bolívar”

Category: Bitcoin, Finance, News

PepeCash Co-Founder: “I Don’t Have a Single Bolívar”

Before Venezuelan President Nicolas Maduro announced his interest in creating an oil-backed cryptocurrency, the country has been surviving on the value of bitcoin. While accredited investors rush to trading platforms after the release of futures contracts, Venezuelans are using the “crisis currency” to pay for honeymoons, medications for loved ones, and to keep families from going under. Taking a Step…

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Venezuela in Crisis: Bitcoin Remains a Haven

Category: Altcoins, Bitcoin, News

Venezuela in Crisis: Bitcoin Remains a Haven

The inflation rate of the Venezuelan bolivar has increased to triple digits, leading to a financial turmoil which Venezuelans have struggled to cope with over the past two years. As a result, families and households have turned toward bitcoin, a decentralized digital currency, to mitigate the financial damage inflicted by the plummeting value of the Venezuelan bolivar. In January 2017,…

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Venezuelan Police Arrest Bitcoin Miners For Electricity Theft

Category: Bitcoin, News, Regulation

Venezuelan Police Arrest Bitcoin Miners For Electricity Theft

There has been a substantial surge in demand for the cryptocurrency bitcoin in Venezuela as its local currency, the bolivar, has lost significant value due to the severe economic distress and hyperinflation that the country is currently facing. Not surprisingly, therefore, many Venezuelans have started to look at alternative stores of value and as bitcoin is accessible to anyone with…

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Venezuelans Turn to Bitcoin Mining, Use Subsidized Electricity to Profit

Category: Bitcoin, Finance, News, Tech

Venezuelans Turn to Bitcoin Mining, Use Subsidized Electricity to Profit

The Venezuelan economy has transformed into turmoil as its national currency has rapidly declined in value and its people are left with no viable store of value to finance day-to-day living. To prevent further losses and protect their wealth, some Venezuelans have been mining bitcoin, a decentralized digital currency that better serves as a store of value. Jim Epstein, a…

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Bitcoin Trading at a Discount on Venezuelan Exchange, Dragging BTC-USD Lower

Category: News, Price Analysis

Bitcoin Trading at a Discount on Venezuelan Exchange, Dragging BTC-USD Lower

Bitcoin has entered into panic sell mode as news comes out of Venezuela that the virtual currency is trading at a very significant discount. It seems to be a desperate attempt to liquidate positions or it could be due to disruption of the SurBitcoin operations by authorities. The short-term outlook is on balance bullish with support forming at $610.01. However,…

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Venezuela in Crisis: A First-Hand Account from Bitcoin Venezuela

Category: Interviews, News, Regulation

Venezuela in Crisis: A First-Hand Account from Bitcoin Venezuela

Venezuela is a country in limbo, when it comes to bitcoin. Using bitcoin isn’t exactly illegal but it isn’t exactly legal either. Recently the government has launched an offensive campaign against Bitcoin in the country, and people using bitcoin are being arrested. Since 2014, the government has been raising capital controls and the country’s currency, the Bolivar (VEF), has been fluctuating ever…

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Bitcoin Can Help Venezuelans Avoid Pain of Hyperinflation

Category: Finance, News, Regulation

Bitcoin Can Help Venezuelans Avoid Pain of Hyperinflation

Amid plunging global oil prices and a rapidly devaluing currency, the Venezuelan government has declared an Economic State of Emergency for 60 days, to protect the social rights of education, health, housing, and sport for all Venezuelans. Since early January 2016, the Venezuelan currency has inflated by a staggering 200%, as the country struggles from severe shortages of basic goods….

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