Places Venezuela

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. What is being viewed […]

As per Venezuelan newspaper, the Official Gazette, all government institutions are now required to accept Petro as legal tender. The proclamation was made official on April 9 by President Nicolás Maduro and gives all government bodies a maximum of 120 days to comply with the decree. The regulation of the state-backed asset will be carried […]

Donald Trump is the first sitting United States President to place a ban on a cryptocurrency. The White House announced on Monday that Trump issued an executive order banning all transactions of any digital currency issued by, or related to, the Venezuelan government. In a televised address on December 3, 2017, Venezuelan President Nicolás Maduro […]

On the 3rd of December 2017, controversial Venezuelan President Nicolás Maduro announced a surprising new initiative aimed at addressing Venezuela’s economic turmoil — the development of a state-backed cryptocurrency called the “Petro.” The announcement sparked international debate on the political, legal, and economic implications of the move. With the Petro crowdsale now live, many investors […]

The once prosperous country of Venezuela has been struggling. We first heard about it in the crypto space when Venezuelans started mining Bitcoin owing to the country’s subsidized electricity costs. For Bitcoin’s miners, getting paid in Bitcoin is turning out to be a far better value than the ever-increasing hyperinflation of the Bolivar. This past […]

Does dumping your entire life savings into cryptocurrencies sound like a smart idea? For some people in countries where hyperinflation is out of control, this has been the only way to secure their life savings. As of this moment, one US dollar is equal to 10,389 Bolivars at a black market rate. Paired to Bitcoin, […]