Altcoin News Nicolas Maduro peter todd petro venezuela 

Investors Can Only Trade Venezuelan Petro to Crypto if Bought in 2018

Twitter Facebook LinkedIn According to TeleSUR TV, a mainstream media outlet in Venezuela, the country’s “cryptocurrency” called the Petro can only be traded to other crypto assets if bought before the end of 2018. Former Wall Street bond trader and digital asset analyst Jill Carlson translated the speech of Venezuelan President Nicolas Maduro, which read: “Anyone who buys the Petro until Dec 31 will be able to convert it into any other digital currency.” Petro Isn’t a Cryptocurrency Throughout the past year, Venezuela has experienced extreme hyperinflation that led the…

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Altcoin News dash petro Tareck El Aissami venezuela 

Maduro Bankrupted Venezuela — Now He’s Launching a Petro Savings Plan

Twitter Facebook LinkedIn The Venezuelan government has recently launched a Petro savings plan that allows the country’s citizens to put their money into the oil-backed cryptocurrency and “save by means of a certificate.” Venezuela Launches Petro Savings Plan for 18 Million Citizens According to local news outlet Telesur, the savings plan is part of the “Comprehensive National Cryptoasset Plan,” and will in its initial phase “make available” 4 million petros, equivalent to 14,400 million sovereign bolivars, the country’s fiat currency. The amount equals $240 million. The savings plan is set…

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Altcoin News dash petro venezuela 

Venezuelans Must Pay Passport Fees with Petro Cryptocurrency: Govt.

Starting next week, Venezuelans will have to pay their passport fees with the petro, the controversial state-supported cryptocurrency that is allegedly backed by oil. This was announced in a press conference on Friday, Oct. 5, by the country’s vice president, Delcy Rodriguez, ahead of the coin’s official launch in November. This follows a similar press release by President Nicolas Maduro, who stated that oil purchases will now be made with petros (PTR). According to Rodriguez, new passports will cost two petros, while extensions can be purchased half that. Bloomberg reports…

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Altcoin News Banking petro Soberano Bolivar venezuela 

Venezuelan President Maduro Orders Banks to Adopt Crypto ‘Petro’

The president of Venezuela, Nicolas Maduro, has reportedly ordered banks in the South American country to adopt the oil-backed state cryptocurrency, the petro, as a unit of account, according to Agence France-Presse. Per a resolution passed by Sudeban, Venezuela’s banking sector regulator, financial institutions in the country will now be required to ensure that their financial information is reflected in the petro cryptocurrency besides the bolivar, the country’s fiat currency. Sudeban instruye a la banca adoptar el “Petro” como unidad de cuenta #AhorroEnOro @NicolasMaduro @minecofinanzas @SimonZerpaD (2) — SudebanInforma…

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Bitcoin Venezuela Interview locha Nicolas Maduro petro randy brito venezuela World Economics World Politics 

Bitcoin Venezuela on Why the Petro Isn’t Even ‘Backed by Trust’

Randy Brito is the head of Bitcoin Venezuela, a non-profit organization dedicated to educate and promote Bitcoin in Venezuela. He is also spearheading the Locha project, which he describes as “an effort to push the needed developments and research for achieving the hyperbitcoinization in Venezuela.”  Brito also sees a use case for bitcoin in countries like Turkey and Iran,which have suffered hyperinflation and sanctions aimed at damaging the economy. Brito’s family left Venezuela and moved to Spain in 2004 to escape what he describes as the persecution of the middle…

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Altcoin News Bolivar Soberano Nicolas Maduro petro venezuela World Economics 

Venezuela Looking to Launch a Central Bank for Cryptocurrencies

Venezuela is reportedly looking to lunch a central bank for cryptocurrencies, as the country’s National Constituent Assembly is preparing to reform the Venezuelan Constitution to include it, along with a court above its Supreme Court. According to Reuters, information on the development was provided by Hermann Escarrá, which the outlet describes as “one of the most influential members of the assembly that prepares the changes to the 1999 Constitution.” A draft of the changes to the country’s Constitution is set to be presented in 35 days to the board of…

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