Venezuela is leading the crypto peer-to-peer BTC trade market, despite government efforts to drive adoption of its oil-backed cryptocurrency, Petro.
Venezuela, officially the Bolivarian Republic of Venezuela, is a federal state in the north part of South America. The country has built its economy on oil, as Venezuela owns the largest oil reserves in the world. In terms of digital currencies, Venezuela was the first country to have issued its own cryptocoin. Its value directly depends on the national oil reserves. The cryptocoin, created in order to improve the country’s weak economy, was issued contrary to the parliament’s decision. The national Venezuelan cryptocurrency Petro, officially El Petro, has garnered about $735 million during the first day of the ICO launch. Despite the apparent success, the future of the Venezuelan cryptocurrency is unpredictable, as some countries, such as the USA, have already banned the use of Petro.
- Ex-CEO of BTC-e Exchange’s Spin-Off WEX Is Arrested in Italy
- ‘Samsung Coin’ Trademark Filing Unaffiliated With Samsung
- Oil Markets Could Save 30% With Blockchain, Data Gumbo CEO Says
- Tether’s Trouble With New York Attorney General — Will Crypto Cope?
- Price Analysis 19/07: BTC, ETH, XRP, LTC, BCH, BNB, EOS, BSV, TRX, XLM