State-Authorized Crypto Exchange Criptolago Rolls Out Crypto Cards in Venezuela

State-Authorized Crypto Exchange Criptolago Rolls Out Crypto Cards in Venezuela

Good news for crypto enthusiasts in Venezuela – both for investors and exchanges. The state-authorized crypto exchange, Criptolago, rolled out an equivalent of debit cards of crypto recently. The crypto debit card is designed to serve as an easy and efficient means of digital payment. Like the traditional debit card, the smart card will be used at any merchant with compatible point-of-sale (POS) systems. The smart card is linked to the users’ crypto wallets, making…

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Venezuela’s Central Bank Contemplates What to Do with Crypto Reserves

Venezuela’s Central Bank Contemplates What to Do with Crypto Reserves

According to some sources, Venezuela’s Central Bank is conducting tests to check if it can contain cryptocurrencies in its coffers. The news came after Petroleos de Venezuela SA showed interest in using Bitcoin(BTC)trade to make its payments. Petroleos de Venezuela SA (PDVSA) is a state-run natural oil and gas company. According to some unnamed sources, the company is looking for ways to use Bitcoin and Ethereum (ETH)trade as currencies of payment to the central bank…

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Crypto Philanthropy: Thousands of Venezuelans Saved by Bitcoin Donations

Crypto Philanthropy: Thousands of Venezuelans Saved by Bitcoin Donations

A tweet from the Bitcoin for Venezuela Initiative (BFVI) on Sunday revealed the immense impact that the world’s largest cryptocurrency, Bitcoin(BTC)trade, is having in Venezuela. According to Bitcoin Venezuela, Bitcoin donations have helped to save the lives of thousands of people in Venezuela. Due to the policies of the present Maduro government and sanctions from the United States, the BFV Initiative was created to help sustain the people of Venezuela who are now – more…

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Venezuela to Finance Housing Projects through Petro Cryptocurrency

Venezuela to Finance Housing Projects through Petro Cryptocurrency

Venezuela has decided to use its state-backed cryptocurrency, the Petro, to fund its ambitious housing scheme. Ildemaro Villarroel, the country’s Minister of Habitat and Housing, confirmed this news in an announcement made on a government website. The minister agreed confidently that by funding the project through the country’s pet cryptocurrency, Petro, there are more guarantees that the initiative will be completed as per its defined agenda. The minister also noted that the decision will allow…

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US Legislation Against Venezuela’s Petro Could Have Dire Consequences for Crypto

US Legislation Against Venezuela’s Petro Could Have Dire Consequences for Crypto

Senate bill 1025, which aims to completely ban the use of Venezuela’s cryptocurrency Petro, can have disruptive consequences for the sustainability of cryptocurrencies in the U.S. digital markets. Last year, Donald Trump signed an executive decree that prohibited U.S. citizens from owning and trading in Petro, the Venezuelan government cryptocurrency backed by the state’s oil reserves. Now, US legislators want to turn this executive order into legislation. The White House has condemned Petro and portrayed…

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First Ever Crypto ATM Lands in Venezuela after Prior Failed Attempts

First Ever Crypto ATM Lands in Venezuela after Prior Failed Attempts

Venezuela has finally obtained its very first Bitcoin ATM. According to data presented on Coin ATM Radar, the Latin American firm PandaBTM has installed a crypto ATM in San Antonio del Táchira on September 10. Coin ATM Radar allows users to find the nearest Bitcoin ATM online. Venezuela has been going through some serious economic crisis after the U.S.-imposed strict trade sanctions. To get a hold of the falling economy and get it back on…

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“Patria Remesa”: Venezuela’s New Remittance Cryptocurrency Platform

“Patria Remesa”: Venezuela’s New Remittance Cryptocurrency Platform

The Venezuelan government just announced a new state-run cryptocurrency remittance platform called Patria Remesa, according to an official press release. The platform allows the people of Venezuela who are working abroad to send money back to the country. The National Superintendent of Cryptoactives, Joselit Ramírez, announced in a radio program broadcast by Radio Nacional de Venezuela (RNV) that the crypto remittance platform is fully operational now. He further ensured the safety of the funds, saying…

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Venezuela Converts Airport Taxes to Bitcoin to Bypass US Sanctions

Venezuela Converts Airport Taxes to Bitcoin to Bypass US Sanctions

The US has been pushing hard for an end of Nicolas Maduro’s presidency in Venezuela. Sanctions has been put in place by the US against the state’s company Petroleos de Venezuela (PDVSA), which caused a lot of damage to the country’s economy. Because of the nation’s reliance on the revenue generated through PDVSA, Maduro has tried to find his way around the sanctions by using the Venezuelan cryptocurrency Petro. The US is aware of Maduro’s…

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Venezuela’s Maduro Compels All Banks to Allow Trade in El Petro Cryptocurrency

Venezuela’s Maduro Compels All Banks to Allow Trade in El Petro Cryptocurrency

Venezuela’s Maduro government recently took another step towards promoting its state-issued cryptocurrency, El Petro. The Venezuelan government asked Banco de Venezuela and all of its branches to allow citizens to buy and sell El Petro, the state-issued cryptocurrency that Maduro has been pushing aggressively. Venezuela has been facing tremendous pressure from strict US sanctions and trade embargo. As a result, Venezuela has almost come down on its knees. Not only foreign investors but domestic investors…

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Venezuela to Rely Further on Petro and Russia’s Ruble to Circumvent Sanctions

Venezuela to Rely Further on Petro and Russia’s Ruble to Circumvent Sanctions

Venezuela is in talks with Russia to use the Russian Ruble in mutual trade settlements, abandoning the US dollar for country-to-country transactions. The news story was reported by both Russian and Venezuelan news media outlets. The talks follow sanctions on Venezuela imposed by the United States and are seen as Venezuela trying to bypass those sanctions. Furthermore, El Petro, Venezuela’s oil-pegged cryptocurrency will become another medium of exchange for the country. The Petro is pegged…

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