Nicolas Maduro said that national oil inventories are ready for immediate commercialization to serve as backing for the Petro.
Petro News
In 2017, president of Venezuela, Nicolas Maduro, announced the development and issuing of an official Venezuelan cryptocoin — El Petro cryptocurrency — for Venezuelan citizens. According to the president, the Venezuelan digital currency Petro’s meaning for the country is a way to become more financially independent and to resolve all problems in the economy of the republic. El Petro cryptocurrency’s value is supposed to be dependent on Venezuelan reserves of oil, gold and diamonds. However, the technical aspects of issuing such virtual currency remain unknown. Most likely, the concept of the coin is still just in written form without any real implementation. In terms of Bitcoin and other altcoins, they have already become very popular in Venezuela, as its citizens use it to protect themselves against hyperinflation.
- News
- News
Venezuelan President Nicholas Maduro announced that country’s retirees and pensioners will be paid their Christmas bonuses in Petro.
- Analysis
Last week, the president of Venezuela appeared on national television holding a Trezor wallet. Was it just a stunt?
- News
The Bank of Venezuela has reportedly added a prototype wallet to customers’ online banking accounts.
- Local News
by Joeri Cant
From Cointelegraph en Español: Paypal changing policies in Mexico, new crypto payments in Spain and more government announcements about the Petro from Venezuela...
- News
In a major escalation against socialist president Nicolás Maduro, Donald Trump’s administration has frozen all Venezuelan government assets.
- News
The Maduro regime is collecting aviation taxes, and soon refuelling bills, using Bitcoin transfers, say local media.
- In depth
by Samuel Haig
Venezuela is leading the crypto peer-to-peer BTC trade market, despite government efforts to drive adoption of its oil-backed cryptocurrency, Petro.
- News
Venezuela’s President Nicolas Maduro ordered the country’s leading bank, Banco de Venezuela, to accept the nation’s cryptocurrency El Petro at all its branches.
- News
by Helen Partz
Venezuela’s representative to the UN reportedly revealed that the country is working with Russia to use oil-backed coin Petro.
- News
The U.S. Treasury has sanctioned Moscow-based bank Evrofinance, claiming it was the main international bank that helped finance Venezuela’s controversial oil-ba...
- Analysis
The Iranian national digital currency is still underway. Time for an overview on a controversial issue in a controversial country.
- News
by Ana Berman
Venezuela introduces rules for sending crypto remittances, imposing taxes and fees.
- Analysis
by Ana Berman
As Venezuela enters the crucial part of a political crisis, we decided to trace the fate of the Petro — the national cryptocurrency that seemingly failed to sav...
- News
Venezuela has requested consultations with the U.S. government in connection with “discriminatory” sanctions against its national digital currency.
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