Venezuela oil cryptocurrency
Venezuela is in the midst of one of the largest economic disasters in recent history. Rampant inflation over percent in the past year, food and medical shortages, and political turmoil have left the country in a perilous state. The appeal of cryptocurrency adoption over the past decade stems from its underlying technology. The transfer of cryptocurrencies takes place via the blockchain , a public ledger that digitally records the transactions between two parties.
We are searching data for your request:
Upon completion, a link will appear to access the found materials.
Content:
- Here’s how government policy on cryptocurrency differs around the world
- Venezuela Releases World’s First National Cryptocurrency
- Petro: Can Venezuela’s oil-backed cryptocurrency save its economy?
- The petro, Venezuela's oil-backed cryptocurrency, raised $735 million, government says
- Venezuela's new bitcoin: an ingenious plan or worthless cryptocurrency?
- The Coder and the Dictator
- Venezuela: New Cryptocurrency Can't Rescue Caracas
- Venezuela Offers India 30% Discount On Oil...If It Pays In Cryptocurrency
- Venezuela: Launch of 'Petro' Cryptocurrency Raised $735 Million
- Venezuelans try to beat hyperinflation with cryptocurrency revolution
Here’s how government policy on cryptocurrency differs around the world
Venezuela's oil-backed cryptocurrency Petro entered the global markets in an effort to stabilize the country's fragile economy affected by ongoing political crisis and U. According to the officials, the Petro coin introduced Monday, will "neutralize" the threat of black markets and money mafias, Caracas-based TV channel TeleSur reported.
Experts said the objective is to "stop the imbalance as a result of an economic war-induced from abroad. Emphasizing that all Venezuelans will have access to the Petro coin to make international purchases, Maduro said it is now a legal substitute to dollars in real estate deals. Each unit of the cryptocurrency will be equivalent to 3, Sovereign Bolivars and will be the reference for fixing the value of work, the price of services and of consumer goods -- one of the accounting units that will govern the Bolivarian nation, TeleSur reported.
Venezuela's economy has been in precipitous decline following a global downturn in the price of crude oil, the country's main export, while ongoing political unrest also affects the country's financial stability.
Since the beginning of the year, Venezuela has been embroiled in political unrest as Maduro and opposition leader Juan Guaido engage in a power battle. The U. Washington no longer recognizes Maduro as the legitimate president of Venezuela, instead throwing its weight behind opposition leader Guaido whom it recognizes as the country's interim president.
Nearly 5, people leave Venezuela every day because of "instability and uncertainty" amid a crisis focused on the presidency and economy, and 3 million Venezuelans have already left the country since , according to the UN's refugee agency. ANKARA Venezuela's oil-backed cryptocurrency Petro entered the global markets in an effort to stabilize the country's fragile economy affected by ongoing political crisis and U.
Please contact us for subscription options. Related topics cryptocurrency Petro coin Venezuela. Russian central bank proposes ban on cryptocurrencies.
Venezuela demands return of diplomatic headquarters in US. We use cookies in a limited and restricted manner for specific purposes. For more details, you can see "our data policy". Your opinions matter to us times;. Kapat Send.
Venezuela Releases World’s First National Cryptocurrency
Venezuela, a South American country with the largest oil reserves in the world, has offered India a deal - 30 per cent discount on crude oil only if India decides to buy it through digital currency. According to reports, Venezuela's blockchain-based digital Petro is the world's first state-backed virtual currency that recently tied up with a Delhi-based digital currency exchange Coinsecure. The bitcoin trading company will now sell oil-backed cryptocurrency Petro in India. Launched last year by the Venezuelan government, Petro is set to be formally recognised after the presidential elections in the country on May Venezuela's blockchain department had sent a team of experts to India in March, after which the deal was struck with Coinsecure, reported Business Standard, quoting company's CEO Mahit Kalra saying "Venezuela wanted Petro as a cryptocurrency on Coinsecure".
Petro: Can Venezuela’s oil-backed cryptocurrency save its economy?
Americans won't be able to buy or trade the oil-backed digital currency called the Petro. Venezuela President Nicolas Maduro in February launched an oil-backed cryptocurrency called the Petro. President Donald Trump on Monday issued an executive order making it illegal for Americans to purchase any cryptocurrency issued by Venezuela as of Jan. He authorized Treasury Secretary Steven Mnuchin to implement whatever rules and regulations are necessary to enforce the executive order. The South American country has been hit hard by hyperinflation and a shortage of cash. Its currency has been rapidly losing value, and Venezuelan citizens have been suffering from food and medicine shortages. In an effort to boost the failing economy and raise international financing, President Nicolas Maduro last month started offering an oil-backed digital currency called the Petro.
The petro, Venezuela's oil-backed cryptocurrency, raised $735 million, government says
The Petro is a marvel and a miracle that reaches our workers and retired workers of the country in order to make their purchases. It is a unique and extraordinary new experience of our economy. We are an example to the world! Maduro announced the launch of the national petro cryptocurrency in October
Venezuela's new bitcoin: an ingenious plan or worthless cryptocurrency?
Bitcoin and other digital currencies are providing a lifeline to many people in the troubled Latin American country of Venezuela, but critics say the technology is still not inclusive enough. Felipe Araujo ,. Every once in a while, in certain countries and cultures, new words are added to the lexicon: Brexit, fake news, crypto. In Venezuela, bitcoin and hyper-inflation are perhaps two of the most mentioned words in daily conversation. The International Monetary Fund says inflation of the Venezuelan bolivar is expected to hit a startling , per cent this year. A cup of coffee that cost bolivars in November now costs 18, bolivars.
The Coder and the Dictator
We use cookies and other tracking technologies to improve your browsing experience on our site, show personalized content and targeted ads, analyze site traffic, and understand where our audiences come from. To learn more or opt-out, read our Cookie Policy. As the Venezuelan government clamps down on aid coming into the country, donors have turned to cryptocurrencies. If any one image helped illustrate the unique nature of the humanitarian crisis in Venezuela, it was a photograph taken in February, showing two shipping containers and a fuel tanker blocking a bridge to Colombia. The purpose of the barricade was to keep out a convoy of US-donated aid making its way to Venezuela from Bogota. The attempted aid initiative took place in a particularly tense political context.
Venezuela: New Cryptocurrency Can't Rescue Caracas
Subscriber Account active since. Blockchain experts have warned the petro is unlikely to attract significant investment. Treasury Department has warned it may violate sanctions levied last year.
Venezuela Offers India 30% Discount On Oil...If It Pays In Cryptocurrency
RELATED VIDEO: Venezuela Is Launching Its Very Own Cryptocurrency - CNBCVenezuela has officially launched the pre-sale of its new digital currency called the petro. According to the government, the petro is backed by oil, gas, gold and diamonds, and is meant to help overcome US and EU sanctions. Venezuela has allocated five billion barrels of oil to back its new digital currency, which will be tied to the cost of a barrel of Venezuelan oil. Initially, the petro will be sold in hard currency and other cryptocurrencies, not in the local bolivar currency. Vargas also said that after the initial sale, the petro could be sold in exchange for the bolivar. Each petro will be backed by a barrel of oil and will be sold at the same price, according to the government.
Venezuela: Launch of 'Petro' Cryptocurrency Raised $735 Million
President Nicolas Maduro reckons Venezuela's oil output will double to 2 million barrels per day in Venezuela is targeting a boost in oil production this year while it moves to sell barrels of crude from storage using cryptocurrency, President Nicolas Maduro said in his annual address. Maduro said before the National Constituent Assembly ANC that he wants Venezuela's crude production to more than double in , to 2 million barrels of oil per day from current levels of nearly 1 million bpd. To do this, the Venezuelan leader said that the government's pseudo-cryptocurrency known as the Petro has been designated as the official primary currency for all transactions by state-owned entities, including national oil company PDVSA. Maduro decreed the sale of 4.
Venezuelans try to beat hyperinflation with cryptocurrency revolution
Blockchain experts have warned the petro is unlikely to attract significant investment. Opposition leaders have said the sale constitutes an illegal debt issuance that circumvents Venezuela's majority-opposition legislature, and the U. Treasury Department has warned it may violate sanctions levied last year.
There are no comments yet.