The government of India has rejected the state-backed Petro cryptocurrency despite Venezuelan President Nicolas Maduro’s offer of a 30% discount if India uses Petro to pay for its crude oil purchases.
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.
The Venezuelan parliament has enacted sweeping reforms that made the use of the country's oil-backed cryptocurrency, Petro, legal tender—at least in Venezuela.
One of the world's largest cryptocurrency exchanges, Bitfinex, has refused to list the first cryptocurrency backed by Venezuela's crude oil reserves, Petro, in its platform.
The U.S. Treasury announced that the Office of Foreign Assets Control (OFAC) will begin adding cryptocurrency addresses to the Specially Designated Nationals (SDN) List.
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.
The country, home to just 70,000 people, is poised to become the second country after Venezuela to launch a state-backed cryptocurrency.