Venezuela ends Petro cryptocurrency amidst challenges
The Venezuelan government has officially terminated its national cryptocurrency, the Petro (PTR), effective January 15, 2024. Launched in 2018, the Petro was introduced as an oil-backed digital currency, aimed at bypassing U.S. sanctions and mitigating the economic impact of the bolivar’s devaluation. However, the Petro has faced multiple challenges since its inception, leading to its […]
Petro cryptocurrency discontinued in Venezuela following legal troubles
The government of Venezuela has terminated its national cryptocurrency, the Petro (PTR), effective January 15, according to media reports. Launched in 2018, the Petro was introduced as a mechanism to circumvent U.S. sanctions, but it struggled to gain traction both domestically and internationally. The Petro, backed by Venezuela’s oil reserves and initially priced at $60 […]
Venezuela set to liquidate its national crypto Petro
After a five-year life span teetering on the brink of insubstantiality, Venezuela’s national cryptocurrency, the Petro, seems to be nearing its end. This impending demise, as suggested by insiders, is set to be carried out by the Superintendency of Cryptoactives (Sunacrip), the authority vested with the task of overseeing the nation’s virtual currency realm. The […]
Venezuelan military confiscates 315 Bitcoin mining devices
The Bolivarian National Guard of Venezuela has announced the confiscation of 315 Bitcoin mining machines, the ASIC miners, from a local miner who was trying to make an inter-city transfer without a license. Venezuelan government’s stance over Bitcoin mining is still quite ambiguous. While the mining itself is entirely legal, the police continue to crack […]
ICE puts $5M bounty on Venezuelan Petro mastermind
The U.S. Immigration and Customs Enforcement’s (ICE), a unit of the Homeland Security Investigations (HSI) New York has put the Venezuelan Petro Mastermind on America’s Most Wanted list with a $5M bounty for whoever has information that can lead to his arrest. This was announced on Monday. Joselit Ramírez, the Venezuelan Petro mastermind, is believed […]
Venezuelan gov’t mandates Petro crypto as payment option for petrol
Venezuela government has mandated the use of Petro crypto, the state-owned digital currency, as a payment option for gasoline across service stations in the country. Meanwhile, the development is coming at a time where the government has been forced to make adjustments to its petrol regime. Maduro says Petro crypto payment stands out According to […]
20,000 stores in Venezuela now accept Bitcoin, other cryptos as means of payment
Around 20,000 stores in Venezuela beginning from June would start accepting Bitcoin and other cryptos as means of payment from Venezuelans. This is as a result of a partnership between exchange firm, Cryptobuyer, and Mega Store, payment solution firm in Venezuela. The partnership will enable both firms to integrate Bitcoin, Dash, Ether, and other crypto […]
Send crypto via SMS text possible in Venezuela
You can now send crypto without the internet in Venezuela, a local exchange has revealed. The exchange enables users to send crypto through a simple Short Massaging Service (SMS). This is a strategy to spur adoption. The revolutionary SMS based crypto payment has been developed by Criptolago exchange. This is a strategy to grow crypto […]
Venezuelan doctors to receive 1 Petro cryptocurrency as a token of goodwill
Venezuelan President Nicolas Maduro has announced a reward of one Petro cryptocurrency to every Venezuelan doctor as means to not only reward their hard work and determination in testing times such as these but also drive nationwide adoption of its pet cryptocurrency, confirmed an official tweet on 1st April 2020. The worrying adoption rate of […]
