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[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.
The Central Bank of Venezuela is exploring whether to hold Bitcoin and Ethereum in its international reserves.
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, located in the heartland of Latin America, is one of the most oil-rich countries in the world.
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.
Eugenia Alcalá, the CEO of Dash Venezuela, issued a statement following embezzlement accusations against Dash Merchant Venezuela, a separate Dash-funded organization.
Hyperinflation in Venezuela is estimated to have reached a boggling 1.3 million percent in 2018.
Venezuelans have taken to Bitcoin for liberation as the country struggles with runaway inflation.
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.
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.
On Monday, October 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.
The term “government-issued” cryptocurrency is paradoxical.
The cryptocurrency situation in Venezuela received a push on Tuesday, August 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.
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.
In the midst of Venezuela’s ongoing economic crisis, President Nicolas Maduro has taken yet another controversial step to promote the nation’s very own blockchain-based cryptocurrency, Petro, by offering the Indian government a 30% discount on crude oil prices ‘if’ the Southeast Asian nation agrees to make the exchange via Petro tokens.
As per Venezuelan newspaper, the Official Gazette, all government institutions are now required to accept Petro as legal tender.