Tag Archive: Venezuela

  • Altcoin News, Bitcoin, Bitcoin Businesses, News, News teaser

    2.7 TRILLION Bolivars: Venezuela Bitcoin Trading Hits All-Time High

    Venezuela Localbitcoins users traded a record 2.7 trillion bolivars in the week ending April 14, new data shows. $55 Million A Week In Bitcoin Coming just after the debt-ridden country’s parliament formally approved a law requiring all government institutions to accept its Petro cryptocurrency by July, the astonishing numbers dwarf any other week since records began in 2013. Trading figures are compiled by monitoring site Coin Dance, which uses official exchange rates for the US

    · April 16, 2018 · 7:00 am
  • It’s a Hard No From the US Altcoins, News, News teaser

    Venezuela Decrees Petro ‘Cryptocurrency’ as Legal Tender

    All transactions involving government institutions in Venezuela must now accept Petro — the first ever state-issued cryptocurrency — as legal tender, according to an official proclamation in the country’s Official Gazette on April 9. From that date, every such institution has 120 days to comply. All Petro Everything Venezuelan President Nicolás Maduro has ordered all institutions under the government’s umbrella to accept Petro as legal tender. As reported by Bloomberg, the government of Venezuela has

    · April 14, 2018 · 5:00 pm
  • South Korean Capital Looks to Launch City-Wide Cryptocurrency S-Coin Altcoin News, News, News teaser

    South Korean Capital Looks to Launch City-Wide Cryptocurrency S-Coin

    Following suit with various other cities around the globe, South Korea’s capital city is looking to become one of the largest cities in the world with its own official cryptocurrency. S stands for S-coin South Korea is already one of the cryptocurrency capitals of the world. As such, the country’s capital city of Seoul is looking to adopt its own official cryptocurrency. Seoul’s mayor, Park Won-soon, proposed the idea to launch a city-wide digital currency

    · April 5, 2018 · 1:00 am
  • Criminals cashing out Bitcoin Bitcoin, Markets and Prices, News, News teaser

    Bitcoin is Making Currency Manipulation Difficult for Central Banks

    Bitcoin was largely created as a means of undermining the control of governments and traditional financial institutions. Now, the dominant cryptocurrency by market capitalization is making it difficult for governments and central banks to manipulate their own fiat currencies. Losing Their Grip Bitcoin and other cryptocurrencies have made it easier than ever to move money across borders — and governments the world over aren’t too happy about it. As noted by The Telegraph, the ability

    · March 31, 2018 · 10:00 am
  • Altcoin News, News, News teaser

    Bitfinex Bans Venezuela’s Petro Token

    Bitfinex, the largest cryptocurrency exchange, has issued a statement today regarding its restriction of Venezuela’s state-issued Petro Token (PTR). Bitfinex has No Love for Petro Near the middle of February, the government of rapidly-declining socialist country Venezuela launched Petro – the world’s first state-issued cryptocurrency. The cryptocurrency is purportedly backed by the oil-rich South American country’s oil reserves, but many view the project as little more than an attempt at circumventing US-imposed economic sanctions. One

    · March 27, 2018 · 1:00 pm
  • It’s a Hard No From the US Altcoin News, Altcoins, News, News teaser

    Venezuela’s Petro Now Purchasable with Foreign Fiat

    Last month, Venezuela became the first country to issue its own cryptocurrency with the launch of the purportedly oil-backed Petro. Now, the digital currency is available for purchase with a variety of fiat currencies — just not the dollar. Petro for Fiat Venezuelan citizens, companies, and other interested parties may now purchase the country’s oil-backed cryptocurrency with a selection of fiat currencies. In an announcement made on national television last Thursday, Venezuelan President Nicolas Maduro stated:

    · March 25, 2018 · 4:45 am
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    President Trump Bans US Citizens from Buying Venezuela’s Petro

    The Venezuelan Petro’s alleged astronomical success could be under threat as US President Trump puts plans in process to prohibit American citizens from purchasing the digital currency. It seems as if President Trump has thrown a cog in the apparent billion-dollar machine that is Venezuela’s Petro. According to Bloomberg, the US president issued a prohibition order on Monday banning the country’s citizens from going anywhere near the South American country’s first state-issued virtual currency. To

    · March 19, 2018 · 4:00 pm
  • Altcoin News, Altcoins, Emerging Markets, News, News teaser

    Venezuela Sold $5 Billion in Petro Cryptocurrency, Claims President

    Venezuelan President Nicholas Maduro has claimed the successful launch and sale of Petro — the first ever state-issued cryptocurrency. Petro Cryptocurrency Sale Reportedly Tops $5 Billion Petro is the first cryptocurrency which is purportedly backed by natural resources. According to Venezuelan President Nicholas Maduro, the sale of his pet cryptocurrency has raked in over five billion dollars during its pre-sale period. The cryptocurrency has also reportedly received 186,000 certified purchases. If true, Petro could potentially

    · March 12, 2018 · 9:30 am
  • Petro is a farce Altcoin News, Altcoins, News, News teaser

    Petro is a Terrible Investment (If You Didn’t Already Know)

    Near the middle of February, collapsing socialist country Venezuela launched Petro — the world’s first state-issued cryptocurrency — purportedly backed by the country’s oil reserves, and there is quite literally no reason anyone should ever invest in the farce. Backed by Incompetence President Maduro’s decision to create his own cryptocurrency might seem strange, given that Venezuela itself is in the throes of an extreme economic crisis. In addition to human rights abuses, the entirely incompetent

    · March 6, 2018 · 4:00 pm
  • Mine Bitcoin, Emerging Markets, Mining, News, News teaser

    Mapped: Cheapest & Most Expensive Countries To Mine Bitcoin

    Where you live in the world affects how profitable your Bitcoin mining operation is, according to an analysis of worldwide electric prices by lighting company Elite Fixtures. Bitcoinist reviewed the data and mapped the energy costs for mining 1 BTC across the globe. Electricity = Bitcoin Energy prices around the world vary depending on a range of factors, including government subsidies and access to natural resources. These same factors impact how much it costs to

    · March 6, 2018 · 2:30 am
  • Venezuela Altcoin News, Altcoins, Bitcoin Technology, Emerging Markets, News, News teaser

    Venezuela Opens State-Funded Crypto School as Citizens Starve

    Days after launching the world’s first ever state-issued cryptocurrency, the government of Venezuela has opened up a cryptocurrency school for its citizens — presumably to educate them on the glory of Petro. Prioritizing Petro According to reports, the government of Venezuela has opened the doors to a cryptocurrency training center at the Granja Laboratorio Petro School in Caracas — supposedly to educate interested citizens on how to buy, sell and mine cryptocurrencies, as well as illustrate

    · February 26, 2018 · 9:30 pm
  • Venezuela Altcoin News, Altcoins, News, News teaser

    Venezuela Decides One Coin’s Not Enough, Readies New ‘Petro Gold’ Token

    Things are only getting weirder in Venezuela, as President Nicolas Maduro decides that one state-issued cryptocurrency farce isn’t enough. Now, the socialist country with a crumbling economy is ready to launch second Petro token — called Petro Gold. Maduro’s Vision Earlier this week, collapsing socialist country Venezuela purportedly launched Petro — the world’s first state-issued cryptocurrency — purportedly backed by the country’s oil reserves. The problem is, the oil allegedly backing each token has yet to

    · February 22, 2018 · 8:30 am
  • Iran Changes Mind, Decides it Doesn't Actually Like Bitcoin After All Altcoin News, Bitcoin, Bitcoin Acceptance, News, News teaser

    Iran Changes Mind, Decides it Doesn’t Actually Like Bitcoin After All

    In October 2017, the Iranian government all but decided to implement Bitcoin as a means to completely bypass sanctions, while also allowing citizens to conduct international trades otherwise not possible. Now, however, the Islamic Republic on the Persian coast has changed its mind. A Foolish Inconsistency According to the independent Iranian news site Iran Front Page (via Fortune), the Republic’s central bank claims it never recognized, nor planned on recognizing, Bitcoin as an official currency.

    · February 22, 2018 · 2:00 am
  • Altcoin News, Altcoins, News, News teaser

    World’s Most Miserable Country to Launch Its Own Cryptocurrency Today

    Venezuela’s state-backed cryptocurrency, Petro, is about to hit the market. Amidst an extreme economic crisis in the South American country, however, there is little reason to expect anything other than failure. State-Issued Crypto Amidst a Crumbling Economy Today, Venezuela is scheduled to launch the world’s first ever state-backed cryptocurrency with its new oil-backed Petro token, which many are construing as a desperate cash grab by a corrupt government amid an ever-worsening economic meltdown. Called Petro,

    · February 20, 2018 · 11:30 am
  • Altcoins, Blockchain Technology, News, News teaser

    Venezuela’s National Cryptocurrency ‘Petro’ Expected to Go Global

    According to a Venezuelan official, Tuesday’s Petro pre-sale will have international reach, drawing potential investors from the US, Europe and the Middle East. It was just over two months ago that Venezuela’s president, Nicolás Maduro, announced his bold plan to introduce the country’s first state-controlled cryptocurrency. The Petro would act as a way to circumvent US-imposed sanctions, as well as combat hyperinflation in the country. In the case of the former, US financial institutions have

    · February 18, 2018 · 2:00 pm
  • Altcoin News, Mining, News, News teaser

    President Maduro: Venezuela to Launch ‘Petro’ Pre-Sale on February 20

    In a move that the government hopes will bring much needed economic relief, Venezuela’s President Nicolas Maduro announced earlier this week that the pre-sale of the country’s new ‘petro’ cryptocurrency will begin on February 20. A Cryptocurrency Backed by Crude For years, Venezuela has been struggling with rising economic and political problems. The South American country has under heavy international sanctions due human rights abuse and corruption and, thanks to extreme hyperinflation, the bolivar has lost 97%

    · February 3, 2018 · 2:30 am
  • It’s a Hard No From the US 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
  • It’s a Hard No From the US 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
  • Bitcoin, Legislation, Mining, News, News teaser

    Venezuela Now Requires Bitcoin Miners to Register with the Government

    Bitcoin mining has exploded in Venezuela due to the country’s massive hyperinflation. Now the Venezuelan government is requiring bitcoin miners to join an online registry. It seems that the misery of the Venezuelan people knows no end. The South American country’s economy has been hammered by massive hyperinflation due to the policies of the authoritarian government, now headed by President Nicolas Maduro. Many people, both poor and rich, have turned to mining Bitcoin in order

    · December 14, 2017 · 3:15 am
  • Bitcoin, Bitcoin Acceptance, Bitcoin Investment, News, News teaser

    Wealthy Families in Latin America Snapping Up Bitcoin

    The average citizen in many Latin American countries has turned to Bitcoin in order to survive, and now many wealthy families are becoming a believer in the cryptocurrency and are buying as much as they can. The economic situation in many Latin American countries is extremely dire. Hyperinflation has hit Peru, Bolivia, Argentina, Venezuela, and Brazil, with some countries in worse shape than others (Venezuela). Many normal residents began to turn to Bitcoin when the

    · December 9, 2017 · 3:15 am