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Venezuela’s president Nicolas Maduro has made several claims regarding his country’s digital currency this week. He announced the launch of the petro as a national currency on Monday, reportedly claiming that it is already “present in the world’s six topmost international exchange houses.” A new whitepaper has also been published showing that the petro is … Read more
Announcing a 60-fold increase of the minimum monthly salary, President Maduro promised Venezuelans they will be paid at least 0.5 petro, once his monetary reforms are in place next week. The national crypto will be exchanged at a rate of $60 USD and the new “sovereign bolivar” will be pegged to the digital coin. … Read more
President Maduro’s Venezuela is preparing to effectively adopt next week two official units of account – the nation’s crypto, El Petro, and the new petro-pegged bolivar that will replace the inflated national fiat. New salary and pricing mechanisms will be implemented as well, the country’s leftist leader promised. Also read: Malta Tops Exchange-Based Crypto … Read more
A member of the Venezuelan National Constituent Assembly has reportedly revealed that the assembly is preparing a reform to the country’s Constitution that includes a central bank for cryptocurrencies. This follows the Venezuelan government’s latest effort to tie the new bolivar currency to the petro. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Central … Read more
A new Venezuelan fiat currency, ‘anchored’ to the nation’s crypto, the Petro, is expected to start circulating in the second half of August. The news was announced by president Maduro himself, along with other measures intended to improve the economic situation in the country. The ‘Sovereign Bolivar’ will have less zeros than the inflated ‘Strong … Read more
The government of Venezuela has started monitoring the bank accounts of its citizens for cryptocurrency-related transactions. Accounts found to contain crypto transactions at prices which the government considers to be “undermining the national currency” will be “severely punished,” Vice President Tareck El Aissami said. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Next Phase … Read more
The government of India has formally rejected Venezuela’s state-backed cryptocurrency, the petro, despite an attempt to entice India with a 30% discount. Dependent on the Latin American country’s oil, a steady, uninterrupted supply is key to growing one of the world’s most populous nations. Venezuela is in the midst of dramatically bad economic fortune compounded … Read more
The Satoshi Revolution: A Revolution of Rising Expectations Section 3: Decentralization Chapter 8, Part 3 The Centralization of Crypto and the Banality of Evil First we must realize that all actions are performed by individuals… If we scrutinize the meaning of the various actions performed by individuals we must necessarily learn everything about the actions … Read more
A luxury hotel, offering breathtaking views of Caracas and the Caribbean coast, will be accepting only payments in Petro, Venezuela’s national cryptocurrency. According to President Maduro, the renovated Humboldt hotel is going to be the first seven-star property in his crisis-stricken Bolivarian Republic. Also read: Venezuela’s President Launches Crypto Funded Youth Bank, Encourages Mining Farms … Read more
State news agency Telesur reports Venezuela president Nicolás Maduro has announced formation of a youth bank funded by the country’s recently launched cryptocurrency, the Petro. Mr. Maduro also took the opportunity to urge countrymen to continue mining its state-backed digital money, including creation of mining farms. Also read: Only 1% of Business CIOs are Actually … Read more
