Venezuela’s Maduro has increased the Petro’s value from 3,600 to 9,000 bolivars in the midst of ongoing inflation in the country.
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.
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- News
by Ana Berman
Venezuela’s National Assembly adopts crypto legislation and amendments to AML policy in order to allow international Petro trading and circumvent U.S. sanctions...
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by Ana Berman
The head of Venezuela’s state oil company reveals that the country will present Petro at the next OPEC meeting, offering the coin as a unit of account.
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by Ana Berman
Venezuela launches the official sale of state-owned Petro — a controversial coin that can only be purchased from its website or directly from National treasury ...
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The CEO of Dash, Ryan Taylor, told Cointelegraph that he believes that central bank-issued cryptocurrencies are the “inevitable future.”
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Petro should form an investment priority for Venezuelans, the country’s president has said.
- Analysis
We know that stablecoins are backed by something. It’s time to learn how they are backed.
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Petro, the cryptocurrency touted as a way out of Venezuela’s financial crisis, will become the only payment method for passports starting Oct. 8.
- Hodler’s Digest
The Wall Street Journal creates, then gets rid of, its own cryptocurrency and the Petro may be ready for public sale in November.
- News
by Ana Berman
Ethereum developer points out that Petro white paper has copied an image from Dash’s GitHub repository, among other similarities.
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by Ana Berman
Maduro has announced the official sale of the Petro starting in November, adding that the coin is about to be traded via six international crypto exchanges.
- News
by Ana Berman
Nicolas Maduro has stated the Petro will “com[e] into play” as a currency for global exchange in October.
- Analysis
Venezuela’s adoption of Bitcoin is a tale of rampant hyperinflation and cryptocurrency evangelism.
- News
An investigative report into Venezuela’s national oil-backed cryptocurrency, the Petro (PTR), has attempted to square government claims with facts on the ground...
- News
Venezuela’s national oil-backed cryptocurrency, the Petro, has been scathingly denounced as an opaque “stunt” backed by a debt-saddled entity.
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