Tag: Venezuela

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 supposed national cryptocurrency, the petro, seems to be gaining momentum with each passing day, despite all odds. The nation’s number one citizen, Nicolas Maduro has now hinted that state-owned firms are free to carry out transactions using the digital currency. Encouraging Adoption of the Petro What’s the sense of having a virtual currency if it can’t be used as…

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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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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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Venezuela became the first country to launch their own digital currency in February 2018, called the petro and it was backed by oil reserves. Now AirTM and Zcash are partnering to allow Venezuelans to buy and sell the altcoin on AirTM’s peer-to-peer network. They already had the pre-sale for the petro sale, but there have been a lot of disagreements…

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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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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 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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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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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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