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Venezuela ends Petro cryptocurrency amidst challenges

Venezuela

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

Venezuela Petro

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 extends Sunacrip reorganization period

Venezuela’s government has extended the reorganization period of its crypto oversight body, Sunacrip, by an additional six months. Established in 2018, Sunacrip was one of the pioneering initiatives in Latin America aimed at inspecting all crypto-related commercial activities within the nation. It was instrumental in the creation, emission, transfer, commercialization, and exchange of all crypto […]

Venezuelan authorities seize Bitcoin mining machines in raid on notorious Tocoron prison

Venezuelan authorities seize Bitcoin mining machines in raid on notorious Tocoron prison

Venezuelan authorities have seized a collection of Bitcoin mining machines from the Tocoron prison. The operation also uncovered an array of heavy weaponry, including rocket launchers and grenades. Over 11,000 police and soldiers, backed by tanks and armored vehicles, stormed the prison. They targeted the Tren de Aragua gang, which had been using the prison […]

Venezuela’s President seeks entry into the BRICS bloc with China’s support

BRICS nears agreement on joint currency, awaits China and India's endorsement, says ex-Russian minister

Venezuela’s President Nicolas Maduro is actively seeking China’s support in joining the recently expanded BRICS group, a bloc of Brazil, Russia, India, China, and South Africa. This move comes as the BRICS members recently agreed to admit six new full members. Venezuela seeks entry into BRICS In an interview with the Chinese state news agency […]

Venezuelan President calls for global de-dollarization amid BRICS summit

Venezuelan President calls for global de-dollarization amid BRICS summit

Venezuelan President Nicolas Maduro has urged for the de-dollarization of the global economy, citing the difficulties that the current dollar-dominated system imposes on emerging countries affected by U.S. sanctions. The call was made during Venezuela’s participation in the recent BRICS summit held in Johannesburg, South Africa. A push for financial independence Maduro’s message to the […]

Venezuela’s crypto scene remains chaotic – Here is why

Venezuela's crypto scene remains chaotic Here is why

The tumultuous saga of Venezuela’s cryptocurrency industry reflects a landscape of turmoil, confusion, and potential collapse. Following the arrest of the head of Venezuela’s crypto regulator, Sunacrip’s Joselit Ramirez, and the subsequent intervention into the institution’s workings, the nation’s crypto environment has become an arena of uncertainty. The reasons behind this instability are as convoluted […]

Venezuela set to liquidate its national crypto Petro

Venezuela Is Preparing to Liquidate the 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 […]

Operational issues plague Venezuelan petro blockchain, affecting user transactions

venezuela

The blockchain powering the petro, the official cryptocurrency asset of Venezuela, has encountered operational difficulties, disrupted its functionality and causing concerns among the crypto community. According to a joint statement issued by Asonacrip, a local cryptocurrency association, and Cryptoland.vzla, the Petro blockchain experienced a halt in block generation on May 24, rendering transactions between different […]

Venezuela cracks down on Bitcoin mining amid corruption investigation

Venezuelan wallet adoption

Venezuela’s authorities have urged local Bitcoin (BTC), miners, to halt their operations temporarily as they investigate a significant corruption scheme. This scheme is suspected of being orchestrated by individuals within President Maduro’s inner circle and may have resulted in the loss of up to $20 billion. The scheme involved Petróleos de Venezuela, the national oil […]

USDT takes over Venezuela — How merchants are using the top stablecoin

USDT takes over Venezuela

In the midst of economic turmoil and international sanctions, Venezuela is turning to cryptocurrencies to conduct business. Local reports have indicated that USDT, the dollar-pegged stablecoin issued by Tether, is gaining popularity as a means of sidestepping sanctions and settling payments with foreign customers and providers. How Venezuelans are using USDT The use of stablecoins […]

Sunacrip: The Venezuelan crypto watchdog tightens control

Sunacrip

Latin American countries were on the lead during the expansion period of crypto. Now, they have also begun to adopt policies to protect their public from negative impacts of recession. The latest news is from Sunacrip, the Venezuelan crypto watchdog, which has shared new directives regarding crypto transactions and unauthorized crypto exchanges. The main aim […]

Venezuela tops NFT auction charts for Latin countries

Venezuela

TL;DR Breakdown • Digital artist believes that NFTs provide various opportunities for Venezuelans.• Venezuela is one of the first Latin countries to use the cryptocurrency market without restrictions. For a few months now, the NFT trend has been fully imbibed in Venezuela. Trading in non-fungible tokens is crossing borders, going from being useful for artists […]

P2P payments have become more popular in Venezuela – Chainalysis

P P payments

TL;DR Breakdown • The Latin country has supported crypto-mining since the rise of Bitcoin in 2021.• Venezuela accepts P2P payments in Bitcoin, USDT, and Dash. Venezuela is noted as one of the countries in Latin America that took advantage of the cryptocurrency boom in 2021. After a serious economic crisis led to a severe overinflation […]

Shiba Inu zone in Venezuela will be called ‘Shiba Food Park’

Shiba Inu

TL;DR Breakdown:  The Shiba Zone in Venezuela is being constructed in the state of Bolivar.  It will include 10+ shops that will accept SHIB payments.  The establishment will be called ‘Shiba Food Park’.  Shiba Inu and other cryptocurrencies are being seen as a solution for Venezuela’s hyperinflation.  Venezuela is set to launch the world’s first […]

Venezuela residents get scholarship to learn NFT, crypto mining

Venezuela

TL;DR Breakdown Jose Teran, a governorship candidate promises Venezuelan scholarship to learn about crypto. Says training is capacity building for beneficiaries as it would provide employment. Crypto adoption in Venezuela continues to rise. José Alejandro Terán, a gubernatorial candidate in Venezuela, has promised to offer scholarships for citizens interested to join the Technical Training Center […]

Sunacrip captures over 100 unauthorized bitcoin miners in Miranda

Sunacrip

TL; DR Breakdown Sunacrip, National Superintendency of Crypto Assets and Related Activities, has raided miners operating without a work permit. According to reports, more than one hundred miners in a Clandestine farm in Venezuela are in custody. They were discovered because of the high electricity usage in the area. For this reason, the authorities decided to inspect the […]

Major Venezuelan international airport is planning to accept Bitcoin payment

pascal meier UYiesSO FiM unsplash

TL;DR Breakdown: The biggest international airport in Venezuela has disclosed plans to start accepting payments in crypto. Maiquetía airport will support Bitcoin, Dash, and the country’s oil-backed Petro token. The director of the airport said the new payment system would boost their international standard and crypto adoption.  Maiquetía International Airport, the major international airport in […]

Crypto theft: Man fakes kidnap to steal over $1m in Bitcoin

Crypto

TL;DR Breakdown Venezuelan man fakes own kidnap to steal clients crypto. Suspects parades himself as financial adviser to access clients’ crypto. Venezuelan criminals target crypto to carry out nefarious activities. Just as Venezuela is the country with the highest crypto adoption rate, crypto theft, scams, and other illicit acts are also common in the country. […]

Bitcoin payment now accepted for U.S. passport services

ZBC

Peninsula Visa and Passport services in the U.S. has announced via a press release that Bitcoin payment is now accepted for selected passport services like passport renewals, name changes, and second passports. The Visa expeditor firm accepts Bitcoin payment for services through Coinbase Commerce as the secure processor for these transactions. According to the firm, […]

DeFi euphoria is dead: Here’s what 2020 holds in store

DeFi euphoria is dead Heres what remaining holds in store x

Decentralized finance is the epitome of the crypto concept. Crypto projects are viewed as a hedge against economic collapse. DeFi aims to rewrite how the entire banking system works. Traders are exploiting leveraged Dai positions to make big gains. The crypto industry will resolve its problems in some possible scenarios. Today, DeFi is to crypto […]

Crypto mining is now fully legal in Venezuela

venezuela

The Venezuelan government has now recognized digital currency mining as a legal activity, and have established a community for the country cryptocurrency miners. Interested persons can now choose to set up a mining farm, or grow their existing mining business without interruptions, provided they are operating with a mandatory license. Venezuela gov’t welcomes crypto mining […]

P2P Bitcoin exchange: Paxful blocks Venezuelans amid OFAC sanctions

exit

Paxful will block support for Venezuela The exchange cited OFAC sanctions as a reason Local customers asked to withdraw their funds within 30 days  Popular peer-to-peer (P2P) Bitcoin exchange, Paxful has recently disclosed that it will stop providing its cryptocurrency services to customers in Venezuela. The decision stems from regulatory uncertainty as the exchange implied. […]

Crypto mining in Venezuela banned

Venezuela

Crypto mining in Venezuela government-owned houses or neighborhood has become a crime in the South American nation. The country’s Minister of Habitat and Housing Ildemaro Villarroel in an announcement on Friday revealed this, stating that crypto-mining could harm Venezuela’s electricity distribution. Villarroel mentioned that placing a ban on crypto mining in these areas is part […]

Venezuelan military confiscates 315 Bitcoin mining devices

Bitcoin mining machines confiscated by Venezuelan authorities

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 […]

Venezuela Bitcoin payment enabled for foreign passports applicants

Venezuela

Venezuela Bitcoin payment for foreign passport applicants has been enabled after the country’s passport agency, the Administrative Service for Identification, Migration, and Foreigners, commonly known as SAIME briefly allowed passport applicants to pay for the international document using the leading cryptocurrency, bitcoin. According to a Reddit post on June 23, it disclosed that with Venezuela […]

Bitcoin search highest in Africa, South America

Bitcoin trading in Africa Bitcoin Search

Google trends data collected by Blockchaincentre.net has revealed that globally, Bitcoin search online is most in African and South American countries. With Kenya and Brazil leading the list of top 10 countries with Bitcoin search, the East African country accounts for 94.7 percent of crypto coin searches with Nigeria, the next African country accounting for […]

Bitcoin adoption boosted by a U.S. masked protester

Bitcoin adoption

Bitcoin adoption is a massage a U.S. protester was driving home when sported making a call to action to buy the coin. The protester who wore a mask has turned into Bitcoin hero during the ongoing peaceful riots and protests. The George Floyd death makes the largest coin become part of the unrest. This is […]

ICE puts $5M bounty on Venezuelan Petro mastermind

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

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 […]

Argentina crypto trading crackdown gains momentum to protect local fiat

Crypto trading crackdown

In a bid to protect the local fiat currency crypto trading crackdown in Argentina appears to be gaining momentum. As per the announcement by the country’s Financial Unit (FIU), the government is tightening its control on crypto trading activities within its borders. This is a decision which appears to have been triggered by the runaway […]

20,000 stores in Venezuela now accept Bitcoin, other cryptos as means of payment

Venezuela

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 […]

Bitcoin adoption in Venezuela gets a boost from Cryptobuyer-Megasoft partnership

Bitcoin adoption in Venezuela gets a boost from Cryptobuyer Megasoft partnership

Bitcoin adoption in Venezuela is set to get a massive boost following a recent collaboration between the Panamanian payment processor and digital assets exchange platform, Cryptobuyer, and Venezuela-based traditional payments firm Mega Soft. The rising Bitcoin adoption rate in Venezuela is a conspicuous outcome of the confluence of errors like the severe US-imposed sanctions, shrinking […]

Bitcoin value store cushions capital hard fall

Bitcoin value store

Bitcoin value store has come of age and has proved capable enough of rescuing the falling fiat currencies. The coin is increasingly becoming the store of value especially in countries heavily hit by the coronavirus pandemic. Many countries hit by the virus have had their economies battered and are turning to Bitcoin as the alternative […]

Valiu launches synthetic USD to fight hyperinflation in Venezuela

Valiu launches synthetic USD to fight hyperinflation in Venezuela

Bogota-based financial services company Valiu has launched a Bitcoin-powered synthetic USD on Wednesday to simplify cross-remittances for Venezuelans and ultimately circumvent the hyperinflation that is currently hobbling the country’s economic growth. Making cross-border remittances into a country like Venezuela, which has been long-ridden by severe international sanctions, hyperinflation, and an almost stagnant economic growth can […]

Send crypto via SMS text possible in Venezuela

Send crypto without internet

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 doctors to receive 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 […]

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