Crypto mining can harm the country’s electricity distribution, says a Venezuelan minister.
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.
Venezuelan authorities confiscated 315 Bitcoin mining systems.12490
Venezuela’s Maduro just lost a ruling regarding his supposed gold ownership.4499
The “Mona Lisa of the 21st century” will come of age as Trump competes with Maduro and Ayatollah Khomeini for Bitcoin hash rate, Keiser says.34861
Bitcoin’s payments for Venezuelan passport applications disabled “temporarily” without official explanation.3044
Venezuela’s government reportedly accepts Bitcoin as a payment method for some passport applications.6178
Reports indicate the Iranian-based crypto exchange ‘Bitisis’ is actually a Ponzi scheme that has attempted an exit scam.7153
BRD CEO Adam Traidman was won over by Bitcoin after overhearing a conversation at Andreessen Horowitz.5091
The government of Nicolas Maduro claims that 15% of fuel payments at petrol stations were made using the state-backed Petro token.4262
Peer-to-peer Bitcoin trading in the United States has surged to post its strongest weekly volume on record, with almost $29 million trading on Localbitcoins and Paxful.5894
Dash has announced a 104% rise in commercial payments through Q1 2020, along with increased adoption, trading volume and price performance.3810
Russia tops global Bitcoin trading on P2P exchange LocalBitcoins amid local crypto regulation uncertainty.6461
The U.S. government issued a $5 million bounty to the supervisor of the Petro, but court documents suggest that crypto has little to do with alleged sanction evasion schemes.4409
Venezuelan petrol stations now support the state-issued Petro cryptocurrencies, however, the rollout comes amid an aggressive adjustment to the country’s petrol regime.9795
The co-founder of pioneering crypto wallet BRD attributes his company’s Venezuelan success to local demand for crypto driven by failing monetary policy.2061