Venezuela Crypto News

The wallet standing at the frontier of Web3 is not as decentralized as it wants you to believe.

Regional authorities suspended the power supply to Bitcoin miners, shutting down all registered operations in the industrial state.

The current economic superpowers would have been a surefire bet some years ago to lead blockchain and cryptocurrency adoption in the world. However, the data shows this is not the case. LatAm leads in Bitcoin adoption In its latest report on global crypto adoption, on-chain analytics firm and security provider Chainalysis said that of the […]

[Note: this article has been updated for accuracy] The average price of BTC on LocalBitcoins Venezuela is $1,980 above the Coinmarketcap spot price, likely making the stricken South American economy one of the world’s most expensive markets for Bitcoin. BTC is currently listed on LBC Venezuela for an average price of 700 million Venezuelan Bolívars […]

The Central Bank of Venezuela is exploring whether to hold Bitcoin and Ethereum in its international reserves. The cryptocurrencies would be used to circumvent international sanctions and pay state-run oil company debts, the report revealed. Circumventing sanctions with Bitcoin Apart from the political upheaval brought on by contested president Nicolas Maduro, Venezuela has been struggling […]

Amidst hyperinflation, a leadership crisis, and international interference, Venezuela’s crisis has come to represent the failings of modern finance and highlights how cryptocurrency could reshape it. Venezuela’s economy has been in a downward spiral for years, with extremely tight capital controls dating back to the early noughties limiting citizens from acquiring foreign currency. The political […]

Venezuela, located in the heartland of Latin America, is one of the most oil-rich countries in the world. Its annual oil barrel output rivals that of countries such as Saudi Arabia and Canada, with oil having served as its main source of income for the past decade. Moreover, that dependence has grown given the number […]

Dash CEO, Ryan Taylor, says a few factors saw them enter the Venezuelan market three years ago, but the political situation has made their cryptocurrency a critical survival tool for many in the beleaguered country. Dash, a portmanteau of Digital Cash, has in many instances for the public in Venezuela become a way in which […]

Eugenia Alcalá, the CEO of Dash Venezuela, issued a statement following embezzlement accusations against Dash Merchant Venezuela, a separate Dash-funded organization. Some in the community are still outraged. Meanwhile, the CEO apologized for delays in delivering its balance sheet and praised the team for its “positive achievements.” Dash Merchant Venezuela Team Accused of Embezzlement Dash […]

Hyperinflation in Venezuela is estimated to have reached a boggling 1.3 million percent in 2018. To reconcile runaway prices, the wealthy and the technologically savvy have turned to the stock market and cryptocurrency. Venezuela’s Deteriorating Economy Turns People to Cryptocurrencies Fueled by rich oil reserves, the country was once one of the fastest growing in […]

Venezuelans have taken to Bitcoin for liberation as the country struggles with runaway inflation. The transition serves as a testament to BTC’s core value. Venezuela is in economic ruin. Corruption, a collapsing oil industry, and ill-conceived socialist policies have plunged the country into hyperinflation. President Nicolás Maduro, appointed successor to Hugo Chávez, who died in […]

Allegations that Venezuela’s Petro cryptocurrency is all hot air hasn’t stopped President Nicolas Maduro from announcing a special exchange period for the Petro, and that he’ll be presenting it to the Organization of the Petroleum Exporting Countries (OPEC) next year as a unit of account for Venezuelan oil. RT @PresidencialVen: #NOTICIA NEWS: Everyone who saves […]

The Venezuelan government announced via Twitter on Monday that its controversial Petro cryptocurrency is now on sale to residents of the country via the official government portal. #Enterate || El Petro podrá ser adquirido por personas jurídicas y naturales desde su portal web https://t.co/0ldQe5CTHL #PetroNuevaEraEconómica pic.twitter.com/x2gyoncOVd — Vicepresidencia de Economía (@ViceEconomia) October 29, 2018 An […]

The thousands of people trying to get out of Venezuela will soon have another hurdle in their path: the inability to buy a passport without enough of the country’s new cryptocurrency Petro. Thousands Trying to Leave The economic crisis that led to the Petro’s creation has caused an estimated 5,000 people per day to leave […]

On Monday, Oct. 1, Venezuelan President Nicolas Maduro announced the official launch of the country’s official cryptocurrency, called Petro, alongside the release of the Spanish-language white paper for the coin. From #05Nov, Venezuelans will buy Petros for Bolivar Soberano. They will buy real property, flight tickets, goods, services and save money in our gold, iron, […]

The term “government-issued” cryptocurrency is paradoxical. The core tenets of cryptocurrencies — decentralized ledgers and trustless cryptographic payment clearance — are antithetical to government control over value transfer. Officially sanctioned government issued cryptocurrencies are increasing in number, however. Sweden, Japan, and Russia have all investigated the benefits of a state-backed crypto, while countries such as […]

The cryptocurrency situation in Venezuela received a push on Tuesday, Aug. 14, after President Nicolás Maduro announced that the state-issued Petro token is legally a unit-of-account in the crisis-stricken country, ABC International reports. Maduro’s Giant Cryptocurrency Experiment Launched in February 2018, the oil-backed cryptocurrency Petro was developed by the Venezuelan government to evade U.S. and European […]

Initially revealed on August 2, 2018, several Venezuelan Coinbase users abruptly lost the ability to withdraw or send cryptocurrency, prompting speculation that the exchange may have its hands tied by US-Venezuela sanctions. Purportedly, Venezuela-based Coinbase users are still able to buy or sell cryptocurrency on the platform but may run into trouble when attempting to […]