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Tag Archives: Venezuelan

Venezuelan Government Forcing Petro Down the Pensioners’ Throats

The Government of Venezuela is reportedly taking pensioners’ bolivars from their accounts and replacing them with their cryptocurrency, the Petro. According to Caracas Chronicles, the elderly residents recently received their monthly pensions in Venezuela’s official currency. Their wallet service, dubbed as Motherland, sent a notification that their accounts were credited with 1,800 Bolivars. However, the pensioners received another similar information ...

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Venezuelan Push for Petro Adoption Provides Opportunities and Drawbacks for Cryptocurrency

The Venezuelan government is planning to offer the Petro, their oil- and commodity-backed cryptocurrency to OPEC (Organization of Petroleum Exporting Countries) as a unit of account for oil, however, many have called the Petro’s legitimacy into question. The country’s petroleum minister and president of state-run oil and natural gas company PDVSA, Manuel Quevedo, announced via tweet that Petro transactions will ...

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Investors Can Only Trade Venezuelan Petro to Crypto if Bought in 2018

Twitter Facebook LinkedIn According to TeleSUR TV, a mainstream media outlet in Venezuela, the country’s “cryptocurrency” called the Petro can only be traded to other crypto assets if bought before the end of 2018. Former Wall Street bond trader and digital asset analyst Jill Carlson translated the speech of Venezuelan President Nicolas Maduro, which read: “Anyone who buys the Petro ...

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Controversial Venezuelan State Cryptocurrency ‘Petro’ is Now for Sale

After months of speculation regarding the status of Venezuela’s much-publicised Petro cryptocurrency project, the Venezuelan government has announced that the Petro is now available for sale and can be bought with bitcoin and litecoin. A tweet from the official account of the Venezuelan Vice president of the Economy, Tareck El Aissami posted on October 29 reads: “The Petro may be ...

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Nicolas Maduro Urges Venezuelan Residents to Invest in Petro Coin

Nicolas Maduro, Venezuela’s president, called on workers in his country to save money in gold and his cryptocurrency ‘The Petro’ during a salary shake-up Thursday. According to the local news source Noticiero Digital, in the next few weeks workers will be receiving their bonuses in the Petro coin, instead of fiat. Nicolas Maduro and The Petro Maduro said: “In the ...

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Crypto OTC Exchange CoinCola Now Supports Dash, Enters Venezuelan Market

Hong Kong-based OTC cryptocurrency marketplace CoinCola has announced support for InstantSend cryptocurrency Dash, and has initiated an expansion of its services to the Venezuelan market. Over the counter (OTC) exchanges are one of the most effective ways of liquidating digital assets to local fiat currencies through secure online escrows. CoinCola is one of those crypto marketplaces, offering both coin-to-coin and ...

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Venezuelan Merchants Increasingly Turn to Dash as Inflation Balloons

Venezuelan merchant adoption of Dash recently surpassed the 2,000 mark, according to Alejandro from Dash Merchant. This comes as the Venezuelan inflation rate has been revised upwards to 1.37 million percent by the end of 2018 and potentially 10 million percent in 2019. The IMF World Economic Outlook estimate was 1 million percent in July and a 13,000 percent estimate ...

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Venezuelan Online Grocery Stores Processes 80 Dash Transactions in One Day

Tu Pana Charcutero, an online store that sells groceries, delicatessen, and charcuterie has recently processed 80 Dash transactions in a single day. The online order book shows the amount purchased per order, exchange price, Dash discount, price in Dash, and transaction ID for the 80 orders paid for with Dash. José Manuel Da Silva, founder and representative of Tu Pana ...

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Venezuelan President Maduro Orders Banks to Adopt Crypto ‘Petro’

The president of Venezuela, Nicolas Maduro, has reportedly ordered banks in the South American country to adopt the oil-backed state cryptocurrency, the petro, as a unit of account, according to Agence France-Presse. Per a resolution passed by Sudeban, Venezuela’s banking sector regulator, financial institutions in the country will now be required to ensure that their financial information is reflected in ...

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Venezuelan Banks Must Accept Petro

Two days ago, Venezuela’s President, Nicolás Maduro, ordered the nation’s banks to adopt the Petro digital currency, so now Venezuelan banks must accept Petro. In a bid to reform the nation and alleviate the current Venezuelan economic crisis, Maduro is trying to get the Petro coin recognized as Venezuela’s second currency and now banks within the nation must accept the coin. ...

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