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Venezuela


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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The Russian government is pushing back against reports that it helped Venezuela launch its controversial “petro” cryptocurrency. In public remarks Friday, the deputy director of the Information and Press Department of the Russian Foreign Ministry, Artyom Kozhin, called Time Magazine’s report linking Russian officials and businessmen to the petro “fake news,” Tass reports. Adding that …

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US President Donald Trump issued an order on March 19 to effectively disallow American investors from participating in the initial coin offering (ICO) of the Venezuelan Petro, a cryptocurrency supposedly backed by the country’s oil reserves. Caracas Capital managing director Russ Dallen told Bloomberg that the prohibition of investment in the Venezuelan Petro will lead …

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Russian government officials and businessmen helped the Venezuelan government launch the world’s first state-backed cryptocurrency, Time Magazine reported Tuesday. Citing anonymous officials familiar with the matter, the report states that billionaires Dennis Druzhkov and Fyodor Bogorodsky advised Venezuelan president Nicolas Maduro in his efforts to build the petro. Further, Time reported that “senior advisers to …

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A senior politician from Venezuela’s ruling party has denounced the sanctions imposed by the U.S. government against its recently launched national cryptocurrency, the oil-backed petro. As reported by CoinDesk, U.S. president Donald Trump signed an executive order on Monday prohibiting American citizens and residents from purchasing or transacting in digital currencies issued by Venezuela. Diosdado Cabello, …

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President Donald Trump of the US has banned the Venezuelan government-backed cryptocurrency, the Petro, by executive order March 19, Bloomberg reports. The ban reportedly comes as part of a campaign to put pressure on the Venezuelan government of President Nicolas Maduro. By the order, US citizens are banned from engaging in transactions using the oil-indexed …

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Donald Trump has signed an executive order imposing new sanctions against Venezuela for its controversial “petro” cryptocurrency. The U.S. president was previously said to be preparing to sign an executive order imposing additional sanctions on the South American nation for its attempt to bypass existing economic restrictions, McClatchy DC reported on Friday. On Monday, Trump signed …

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A recent report by Fundstrat’s Tom Lee notes that Bitcoin (BTC) mining earnings are currently almost breaking even, as the activity has temporarily become less profitable the midst of the current decline in the markets, CNBC reported yesterday, March 15. Lee notes in the report that the current figure for the cost of mining one …

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Florida senator Bill Nelson has joined the ranks of those hitting out at Venezuela’s recently launched petro token. In a letter sent to Treasury Secretary Steven Mnuchin on Monday, Nelson said he was “concerned by recent reports” that Venezuela, as well as Russia, are planning to use cryptocurrencies to get past economic sanctions. Focusing on …

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A new joint European banking report has poured cold water on the effectiveness of so-called central bank digital currencies (CBDCs). The report, submitted by two working groups under the auspices of the Bank for International Settlements (BIS) and European Central Bank (ECB), warns about the “adverse” effect of introducing a CBDC. It also advocates that …

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Venezuela’s petro is more likely to imperil “legitimate” cryptocurrencies than to save the South American nation’s troubled economy, according to analysts at the Brookings Institute. In an article published on its website last Friday, the century-old think tank cautioned that “there exists a very real danger that the petro will not only fail to cure …

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One of Venezuela’s two opposing lawmaking bodies has ruled that the country’s issuance of a national cryptocurrency is illegal under domestic law. Announced Tuesday, Venezuela’s Asamblea Nacional, a group of politicians largely at odds with President Nicolas Maduro and his policies, declared it believes the petro cryptocurrency is unconstitutional, using harsh rhetoric that denounced the …

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Following last month’s launch of the Venezuelan government-backed Petro coin, Cambodia is considering launching its own crypto project named Entapay, a press release for the Association of Southeast Asian Nations (ASEAN) Blockchain Summit reported March 2. The Blockchain Summit, which will be held in Phnom Penh on March 7, describes Entapay as a project based …

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When the Petro was unveiled to the world by Venezuela’s President Nicolas Maduro, he led the cheering squad about what a groundbreaking and successful idea it would be. A government-backed, oil-pegged, cryptocurrency that would aid the ailing Venezuelan nation in their time of crisis with a hyper-inflated currency. However, the pomp and promise of the …

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Venezuela president Nicolas Maduro said the government has received more than 171,000 certified purchase orders for the petro, the country’s forthcoming cryptocurrency. In a Twitter post, the country’s leader claimed that 40.8 percent of the purchase orders were in U.S. dollars, 6.5 percent were in euros, 18.4 percent were in ethereum and 33.8 percent were …

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Marc Hochstein is the managing editor of CoinDesk.  The following article originally appeared in CoinDesk Weekly, a custom-curated newsletter delivered every Sunday exclusively to our subscribers. If Venezuela’s oil-backed cryptocurrency succeeds – and that’s still a big if – it could portend a whole new use case for the technology: fundraising for rogue states. The world may just …

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The Venezuelan government has launched a free cryptocurrency training course to teach its citizens how to buy, sell and mine digital currencies, particularly the oil-backed Petro that has been recently issued by the state, local news outlet Telesur TV reported on Saturday, Feb. 24. The opening of the “Granja Laboratorio Petro” in Caracas takes place …

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