Tag: petro

Venezuela in financial and political turmoil, but approves crypto legislation
October 15, 2019 BY Mariela Naydenova

Venezuela's Petro getting traction

Venezuela's oil-backed state cryptocurrency is getting some traction. After the stable coin was created to fight off inflation and Trump's imposing regulations on the country, the Petro has experienced some downs, as it was not perceived well from common people and especially businesses. Things are starting to change, it looks. The Petro is now reportedly…

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Venezuela in financial and political turmoil, but approves crypto legislation
July 26, 2019 BY Mariela Naydenova

Venezuela accused of using crypto to bypass US sanctions

The story of Venezuela and its affinity towards cryptocurrencies to save the economy is a very dynamic and interesting one. The President of Venezuela, Mr. Nicolas Maduro has embraced digital currencies as a way to fight back the plunging bolivar and the restrictive US sanctions imposed on the country.  What has killed the economy, however,…

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Venezuela in financial and political turmoil, but approves crypto legislation
July 08, 2019 BY Mariela Naydenova

Venezuela's largest bank ordered to adopt the Petro

The economy in Venezuela is going down. The country is experiencing high inflation and constant shortage of food and water, mainly because of US sanctions. In the summer of 2018, Leaprate reported that President Nicolas Maduro has placed all "his eggs in one basket" - by using the petro, a state-backed digital coin, to save…

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December 20, 2018 BY Mariela Naydenova

Venezuelan pensions converted to Petro without consent

The Venezuelan government recently introduced a state-backed digital coin, called Petro. The country has been facing economic downturn and the Venezuelan President, Nicolas Maduro, introduced the oil-backed digital coin to fight the dying economy. Back in the summer of 2018, the situation in Venezuela was so critical that people had to line with days for food…

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