Category: Venezuela

Venezuela Mandates Passport Fees Must Be Paid in Controversial Cryptocurrency Petro

Venezuelans can only use the state-backed cryptocurrency, the Petro, to pay for passport fees starting next week, the country’s vice president Delcy Rodriguez said in a press conference Friday, Oct. 5. Ahead of Petro’s official “launch” in November, Rodriguez confirmed that as of Monday, Oct. 8, fees for all passport applications will only be payable […]

How Currency Crises Are Driving Nations to Crypto

Venezuela, Turkey, Iran and Zimbabwe: these countries are all facing ongoing economic crises. They’re suffering from high levels of inflation, and as a result the people living within them are increasingly turning to crypto as a store of value and a means of exchange. Their recent troubles have heightened the distant possibility that, at some […]

Venezuela to Use Petro as Unit of Account for Salaries, Goods and Services

Venezuelan President Nicolás Maduro has announced that the national oil-backed cryptocurrency, the Petro, will be used as a unit of account within the country, news outlet ABC International reported August 14. Nicolás Maduro reportedly announced in a television address, that the state oil company PDVSA will use the Petro as a unit of account. Additionally, […]

Bank For International Settlements Distances Itself Fr… | News

A new joint European banking report has poured cold water on the effectiveness of so-called central bank digital currencies (CBDCs). The report, submitted by two working groups under the auspices of the Bank for International Settlements (BIS) and European Central Bank (ECB), warns about the “adverse” effect of introducing a CBDC. It also advocates that […]

Inspired By Venezuelan Petro, Cambodia May Issue A Nat… | News

Following last month’s launch of the Venezuelan government-backed Petro coin, Cambodia is considering launching its own crypto project named Entapay, a press release for the Association of Southeast Asian Nations (ASEAN) Blockchain Summit reported March 2. The Blockchain Summit, which will be held in Phnom Penh on March 7, describes Entapay as a project based […]

Petro Ignited: Venezuela Launches Pre-Sale Of Oil-Back… | News

The Venezuelan government launched the pre-sale of the world’s first national, oil-backed cryptocurrency Petro (PTR), Financial Times reports Tuesday, Feb. 20. 82.4 million Petro are already available for purchase for fiat currencies and top cryptocurrencies, although not for Venezuelan Bolivars. The government intends to attract foreign investors from countries like Poland, Denmark and Norway, as […]