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Financially troubled Venezuela, which is introducing the new, denominated, crypto-anchored “sovereign bolivar” this week, is also the birthplace of a number of alternative coins beside the state-issued, oil-backed national cryptocurrency, El Petro. Crisis-hit Venezuelans are actually using some of them in real life, according to the local crypto community. Also read: Coinhive Mints Quarter … 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
Venezuelan President Nicolás Maduro has announced that the Petro will be used as a unit of account in the country for salaries as well as goods and service Go to Source Powered by WPeMatico
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
It is a commonly (but not universally) known fact that the ultimate supply of Bitcoin is capped at 21 million. Unfortunately the same cannot be said for the Venezuelan Bolivar, which is going through a period of currency debasement every bit as bad as the events in Weimar Germany which brought Hitler to power. As … 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
Venezuela president Nicolás Maduro announces new national currency will be anchored to state-issued crypto coin Petro starting August 20 Go to Source Powered by WPeMatico
Latin American peer-to-peer (P2P) markets have seen an influx of volume in recent weeks, with the Localbitcoins markets of Argentina, Brazil, and Venezuela posting significant spikes in volume. In other news pertaining to international P2P markets, the Hungarian Localbitcoins markets produced near-record volume in recent weeks, whilst Canada’s recent surge in volume appears to have … Read more
Addressing the financial situation in Venezuela will pose many challenges. Cryptocurrencies are still in the best position to make a meaningful impact in this regard. The Center for Strategic and International Studies is thinking along the same lines. Venezuela Needs Cryptocurrencies to Survive The financial struggles taking place in Venezuela have been documented quite often … Read more
