Effective on August 20, Venezuela will have two official units of account: the state-backed Petro token and the new Petro-pegged sovereign bolivar, President Nicolas Maduro announced during a televised address.
Not content with just developing its own cryptocurrency, Venezuela is now taking it a notch higher with a proposal to create a central bank for cryptocurrency as part of its efforts to link the Petro token to its new bolivar currency, according to a Reuters report.
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.
It has been over four months since the wildly hyped (and ridiculed) Petro ICO. And the token has been suffering one rejection after another.
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.
Venezuela’s much vaunted cryptocurrency, Petro, has (finally) found a supporter—Russia.
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.
