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.
The government will spend six additional months reorganizing the entity, which it shut in March 2023.
Venezuela extends reorganization shutdown of crypto agency to March 2024
According to Venezuela’s attorney general office, government officials were running parallel oil operations with the assistance of the national crypto departmen...
Venezuela shuts down crypto mining facilities, exchanges amid corruption probe
A new board headed by Anabel Pereira Fernández will lead the reorganization. The new team excludes Joselit Ramirez, who led the department since its inception i...
Venezuela overhauls national crypto department
Bitcoin adoption has been on the rise in Venezuela in recent years amid hyperinflation and the national currency crisis.
Venezuelans reportedly hit by new Bitcoin tax of up to 20%
“We must advance in these new economic and technological systems to be accessible,” Maiquetia airport director said.
Venezuelan international airport to accept Bitcoin payments: Report
The Central Bank of Venezuela is rolling out a CBDC in October and will launch an SMS-based exchange system to facilitate its use.
Venezuela to launch CBDC in October — And cut six zeros from its currency
The Venezuelan army turns to crypto mining as the country's economy collapses.
Venezuelan army starts mining Bitcoin to make ends meet