Maduro orders Venezuela’s leading bank to accept Petro
Maduro continues to push the Petro on his country hoping it can save the economy.
Maduro continues to push the Petro on his country hoping it can save the economy.
Venezula has revealed new requirements for exchange platforms and miners. Those businesses will now have to register with a superintend body of crypto-related activities, named Sunacrip, and adhere to new regulations.
Venezuelan President Nicolas Maduro's Petro cryptocurrency has no clear value tied to it, and hasn't helped the people of the country in their dire economic situation.
Despite not having a stable economy upon which to build its national cryptocurrency, it is working diligently to have Petro seen as a viable cryptocurrency – although most indications are that it will never truly get off the ground.
The Venezuelan president Nicolas Maduro is planning to introduce a new currency barely two months after his re-election. Maduro’s new currency will have five zeros less than the existing currency.
The government of Venezuela has shut down three cryptocurrency exchanges as part of its “Operation Paper Hands,” while 16 others have been certified to facilitate Petro transactions in the international market.
Russian billionaires reportedly advised Venezuelan President Nicolas Maduro in his efforts to create petro, the first state-backed cryptocurrency in the market.
Things appear to have only gotten worse for Venezuela after U.S. President Donald Trump signed an executive order on Monday, banning all forms of cryptocurrency issued by the country.
In Venezuela, people are being called upon to build cryptocurrency mining farms throughout the country.
Venezuelan politicians lock horns on whether the petro violates the Constitution.