Posts in category

Venezuela


Latin America is an often-over-looked region in the crypto-space, but that’s beginning to change. With a population double that of the United States and rapidly approaching Europe, Latin America’s impact on the global economy is becoming impossible to ignore. After the death of the global commodity boom that bolstered emerging markets in Central and South …

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This post was originally published here Venezuelans are now being forced to pay for passports with the country’s controversial petro cryptocurrency, a report indicates. According to Bloomberg, Vice President Delcy Rodriguez said in a press conference on Friday that a new passport will cost citizens two petros, an amount worth 7,200 bolivars. With that amount being four …

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This post was originally published here Venezuelans are now being forced to pay for passports with the country’s controversial petro cryptocurrency, a report indicates. According to Bloomberg, Vice President Delcy Rodriguez said in a press conference on Friday that a new passport will cost citizens two petros, an amount worth 7,200 bolivars. With that amount being four …

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Venezuelans are now being forced to pay for passports with the country’s controversial petro cryptocurrency, a report indicates. According to Bloomberg, Vice President Delcy Rodriguez said in a press conference on Friday that a new passport will cost citizens two petros, an amount worth 7,200 bolivars. With that amount being four times the minimum monthly wage, Venezuelans …

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This post was originally published here Venezuelans can only use the state-backed cryptocurrency, the Petro, to pay for passport fees starting next week, the country’s vice president Delcy Rodriguez said in a press conference Friday, Oct. 5. Ahead of Petro’s official “launch” in November, Rodriguez confirmed that as of Monday, Oct. 8, fees for all …

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This post was originally published here A bipartisan group of U.S. senators is pushing for tighter sanctions against Venezuela’s state-backed cryptocurrency, known as the petro. The bill, known as the Venezuela Humanitarian Relief, Reconstruction and Rule of Law Act of 2018, covers a range of areas related to Venezuela, including proposed humanitarian aid to migrants …

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A bipartisan group of U.S. senators are pushing for tighter sanctions against Venezuela’s state-backed cryptocurrency, known as the petro. The bill, known as the Venezuela Humanitarian Relief, Reconstruction and Rule of Law Act of 2018, covers a range of areas related to Venezuela, including proposed humanitarian aid to migrants from the country and efforts to …

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Venezuela’s President Nicolas Maduro is doubling down on his belief that the state-created petro token will help solve the country’s chronic inflation and act to stabilize the economy. During a TV appearance on Thursday in which he addressed economic issues, Maduro announced the adoption of the petro in international trade starting from October. The announcement comes …

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Leon Markovitz is a serial entrepreneur and marketing professional. Born in Venezuela, he now lives in Israel where he is researching and marketing stablecoin projects. I really got into cryptocurrencies when I heard about Venezuela’s stablecoin attempt, the petro, late last year. The idea that the dictatorship was going to try using blockchain to further …

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Peer-to-peer cryptocurrency exchange AirTM has raised $7 million in a Series A funding round. The Mexico-based startup, which seeks to help individuals conduct transactions and bypass traditional banking services, revealed the news Wednesday, saying it will direct the funds toward growing its reach across various markets in South America. In particular, the firm intends to …

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Venezuelan banks have been ordered to use the petro, the Maduro government-launched cryptocurrency, as a unit of account. Wire services AFP reported Tuesday that “all financial information” must be denominated in both the bolivar – Venezuela’s official currency – as well as the petro, which was controversially unveiled in December. Maduro’s government has claimed, without evidence, …

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It’s easy to see why Zimbabwean entrepreneur James Saruchera wants to use cryptocurrency to circumnavigate inflation. As a university student in South Africa, Saruchera dropped classes and worked multiple jobs when inflation in his homeland made it impossible to remit school fees. His parents later lost their savings and pension investments after another bout of …

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Venezuela is set to begin using its “petro” cryptocurrency as an official accounting unit, according to the country’s president. ABC International reported the development on Tuesday, citing a televised announcement by President Nicolas Maduro, who first unveiled the petro back in December. As part of the change, the state oil and gas company Petróleos de Venezuela (PDVSA) …

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Venezuela is replacing its national currency, the bolivar, with a new one that will reportedly be tied to its controversial “petro” token. The new bolívar soberano (or sovereign bolivar) is to enter use in the country next month, according to an announcement on Wednesday from the country’s president, Nicolas Maduro. As well as stating that the sovereign bolivar …

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Peer-to-peer bitcoin exchange Paxful is doubling down on developing markets. Revealed exclusively to CoinDesk, the startup plans to open an office in hyperinflation-ridden Venezuela in September and release an Android app, its first for mobile devices, in October. According to Paxful co-founder Ray Youssef, the reason for both moves is that exchange use is surging …

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Developer Jonathan Wheeler is at an impasse of sorts. The former bank employee turned developer doesn’t want to say too much about his newest project, an effort he believes could soon help people living under one of the world’s most oppressive monetary regimes. That’s because he needs others to help him with his mission – getting bitcoin …

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Venezuela is launching a youth bank to be funded by the state’s controversial petro cryptocurrency. Announced Thursday by the country’s president, Nicolas Maduro, the country will set up a bank for students and young people that will begin its operations with 20 million petros, according to news source Telesur. Speaking during a youth ceremony in the state of Aragua …

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Zooko Wilcox received his first plea for help from someone in Venezuela a few months ago. The founder and CEO of the Zerocoin Electric Coin Company (ZECC) had been closely following what he describes as “a humanitarian crisis of the first order” unfolding in Venezuela when he got that first message, followed by a series …

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Venezuela owes Russia some $3.15 billion over the next 10 years, but the South American nation will not be paying its debt using its petro cryptocurrency. Reuters reported Tuesday that Konstantin Vyshkovsky, who heads Russia’s Finance Ministry state debt department, told reporters that Venezuela had not offered to pay some of the amount it owes …

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Yaya J. Fanusie is the director of analysis at the Foundation for Defense of Democracies’ Center on Sanctions and Illicit Finance. Follow him on Twitter at @SignCurve. Michaela Frai is a research associate at the foundation. Follow her at @MichaelaFrai and @FDD.  Venezuela has reportedly made the first state-backed cryptocurrency, the petro, available to the public. Crypto investors …

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