Tag Archive: Petro

  • US Treasury Warns Investors: Venezuela's Petro Could Violate Sanctions Altcoin News, Blockchain Technology, Emerging Markets, Ethereum, Mining, News, News teaser

    US Treasury Warns Investors: Venezuela’s Petro Could Violate Sanctions

    The US Treasury Department has cautioned investors that Venezuela’s Petro could be in violation of Washington-imposed financial sanctions. In December last year, Venezuelan president Nicolás Maduro announced that his government would be creating a digital currency, the Petro. In a country that is rapidly spiraling into a financial abyss, Maduro sees the state-controlled cryptocurrency as a sanction workaround and subsequently, a way to improve the country’s deep economic problems. During his annual message on the

    · January 18, 2018 · 1:00 am
  • Altcoin News, Legislation, News, News teaser

    Venezuela’s Parliament: Maduro’s Petro Cryptocurrency ‘Illegal’

    Venezuela’s president may have to put his Petro plans on hold as the country’s opposition party has outlawed the proposed state-controlled crypto. As decentralized cryptocurrencies continue to shine and grow in interest, certain governments are becoming aware of the benefits that virtual currencies have. Countries like Russia and Venezuela are reportedly aiming to introduce their own state-controlled cryptos soon, with latter seeming to make great progress in doing just that. In a bid to fight

    · January 10, 2018 · 11:30 pm
  • US Treasury Warns Investors: Venezuela's Petro Could Violate Sanctions Altcoins, Emerging Markets, Mining, News, News teaser

    Venezuela Petro Cryptocurrency ‘Will be Worth $5.9B’ Says Maduro

    Crisis-hit Venezuela will issue its own oil-backed cryptocurrency, Petro, with an implied value of $5.9 billion as its economy continues to decay. 100 Million Petros ‘Ordered’ At $59 A Piece In what appears to be a last-ditch attempt to circumvent US sanctions and keep cash flowing into the country, President Nicolas Maduro announced 100 million units of its Petro cryptocurrency would enter the market. The announcement, according to Reuters, came during the President’s appearance on

    · January 6, 2018 · 11:45 am
  • Petro Altcoin News, Altcoins, Emerging Markets, Mining, News, News teaser

    Over 860,000 Have Signed Up to Mine the Venezuelan Petro

    President Nicolas Maduro announces that 860,811 young people have registered to mine the Petro, the new national cryptocurrency of Venezuela. Paper Virtually Worthless Economically, Venezuela has been in terrible shape for a number of years. The failed socialist policies of Hugo Chavez and Nicolas Maduro have destroyed the national economy, caused massive hyperinflation, and led to a humanitarian crisis where food and medicine are in short supply. In such times, many have turned to mining

    · January 4, 2018 · 6:30 am
  • Crude Oil to Support Venezuela’s Petro Cryptocurrency Altcoin News, Mining, News, News teaser

    Crude Oil to Support Venezuela’s Petro Cryptocurrency

    Venezuela’s first state-run cryptocurrency will be backed by three of the country’s major natural resources. Venezuela previously announced their intention to step into the crypto spotlight by creating their own digital currency, the Petro. The country’s president, Nicolás Maduro, noted that the creation of the state-controlled crypto is a way to “innovate toward new forms of international finance for the economic and social development of the country.” Sidestepping Those Sanctions It could also be due to

    · December 28, 2017 · 2:00 pm
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    Venezuela Launching Oil-Backed Cryptocurrency – the Petro!

    President Nicolas Maduro of Venezuela has announced the creation of a new national digital currency – the Petro. He believes that this cryptocurrency will fight off the effects of the US-led sanctions. The economic situation in Venezuela is in total freefall. The once-prosperous South American nation has descended into chaos over the last few years as the central government has become more authoritative. The national currency, the bolivar, has fallen in value by a staggering

    · December 4, 2017 · 2:45 am