Venezuela’s Government Gives 0.5 Petro Cryptocurrency for its Citizens

Venezuela’s Government Gives 0.5 Petro Cryptocurrency for its Citizens

Venezuelan President Nicolas Maduro announced a Christmas gift for his countrymen. All Venezuelans, including public sector workers, retirees and military personnel are set to receive half of el Petro cryptocurrency as a present from the government. However, in order to be eligible for the gift, citizens will have to register themselves on the PetroApp, a digital portal administered by the government intended to manage Petro and other cryptocurrencies. Half a petro translates to around $30…

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Venezuela’s President Maduro: Storage Crude Oil to Back Petro Cryptocurrency

Venezuela’s President Maduro: Storage Crude Oil to Back Petro Cryptocurrency

President of Venezuela Nicolas Maduro released a statement related the reserves of the Petro, the state backed cryptocurrency of Venezuela. Maduro’s government has been pushing for an increased use of Petro by the Venezuelan citizens. On Wednesday, President Maduro said that some 30 million oil barrels in the country’s storage tanks would serve as Petro’s backing. The country’s national cryptocurrency has been sanctioned by United States, alongside many other sectors and areas of the Venezuelan…

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Venezuela to Grant this Year’s Christmas Bonuses in Petro Cryptocurrency

Venezuela to Grant this Year’s Christmas Bonuses in Petro Cryptocurrency

This year, the Venezuelan government will be awarding Christmas bonuses to employees across the country in cryptocurrency, local news outlet Venepress reports. Previously, in 2018, the Venezuelan government converted retiree’s bonuses awarded on a monthly basis into Petro automatically. Petro has been criticized by experts across the globe since February of last year when it was launched on a scheduled pre-sale. Local news organizations in the country reported that the Venezuela’s President Nicolas Maduro has…

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Venezuelan Team Develops an Electricity-Free Bitcoin Payment Solution

Venezuelan Team Develops an Electricity-Free Bitcoin Payment Solution

2019 was a tough year for Venezuela’s energy consumers as the country faced several blackouts. In fact, one of the first widespread blackouts in the country began on March 7th and last through 14th March; it was the longest blackout in the history of the country. Several more blackouts followed this one and reportedly dozens of people died. Interestingly, a Guardian article suggests that blackouts are going to be more common in the country in…

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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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