カテゴリー: oil backed

Venezuela Begins Public Sale of National Cryptocurrency Petro

The Venezuelan government has opened up an exchange desk for the country’s national cryptocurrency at the headquarters of the Superintendency of Cryptoassets. According to the government, investors can now purchase the petro with a number of fiat currencies and cryptocurrencies. Delegates from China have reportedly purchased some with yuan. Also read: Yahoo! Japan Confirms Entrance Into […]

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Venezuela Authorizes 6 Exchanges to Start Selling National Cryptocurrency Petro

Venezuela Authorizes 6 Exchanges to Start Selling National Cryptocurrency PetroVenezuela has authorized six cryptocurrency exchanges to start selling its national cryptocurrency, the petro, according to the government’s website. The petro, which recently became a Venezuelan national currency, can now be purchased at the six exchanges, local media report. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Six Websites Authorized to Sell Petro The […]

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Venezuela Makes Petro Crypto a National Currency, Publishes New Whitepaper

Venezuela Makes Petro Crypto a National Currency, Publishes New WhitepaperVenezuela’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 […]

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Venezuela’s Cryptocurrency Petro Has No Users, No Investors and No Oil to Back It Up

Reuters: Venezuela’s Petro Has No Users, No Investors and No Oil to Back It UpThe petro has stirred up a lot of debate among the cryptocurrency community. Some believe it is a successful example of using the technology to create resource-backed assets and bypassing financial sanctions. Others see it as a scam by a corrupt government that already inflicted economic calamities such as hyperinflation against its own citizens. A […]

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Venezuelans to Be Paid at Least Half a Petro a Month

Venezuelans to Be Paid at Least Half a Petro a MonthAnnouncing 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.    […]

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Venezuela Approves Decree on the Use of Cryptocurrencies

Venezuela Approves Decree on the Use of CryptocurrenciesVenezuela’s National Constituent Assembly has approved the decree on the use of cryptocurrencies and the country’s new “oil-backed” currency, after repeatedly declaring the Petro illegal. The new currency began its initial coin offering last month as the Venezuelan president continues to strongly push its use. Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 […]

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Bitfinex Rejects All Present and Future Venezuelan Cryptocurrencies

Bitfinex Rejects All Present and Future Venezuelan CryptocurrenciesBitfinex has announced that it will not list or transact Venezuela’s new “oil-backed cryptocurrency” or any other tokens that the country may issue in the future, citing U.S. sanctions. Meanwhile, the Venezuelan government has reportedly set the minimum investment amount for the petro initial coin offering.  Also read: South Korea Clarifies Position After Reports of Possible […]

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Venezuela Picks FX Platform to Auction Petro ‘Oil-Backed Cryptocurrency’

Venezuela Picks FX Platform to Auction Petro 'Oil-Backed Cryptocurrency'Venezuela has chosen a platform on which to auction its “oil-backed cryptocurrency”, the petro. While the country’s National Assembly has repeatedly declared this new currency illegal, the Venezuelan government will proceed with the auction of the petro on the country’s official foreign exchange platform. Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies […]

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Venezuela Claims Petro Cryptocurrency Has Raised $3bn from Investors in 127 Countries

Venezuela Claims Petro Cryptocurrency Has Raised $3bn from Investors in 127 CountriesThe Venezuelan government has made some new claims about the pre-sale of the country’s oil-backed cryptocurrency, the petro. After one week, President Nicolas Maduro said that the petro had raised $3 billion from 171,015 certified purchases, from investors in 127 countries. The majority of the orders were in dollars, followed by bitcoin and ether, according […]

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Poland Refutes Reports of Its Interest in Venezuela’s Oil-Backed Cryptocurrency

Poland Refutes Reports of Its Interest in Venezuela's Oil-Backed CryptocurrencyPoland’s Ministry of Finance has refuted reports that it is interested in the petro, the Venezuelan ”oil-backed” currency. Earlier this month, Venezuela reportedly claimed that a handful of countries have expressed interest in receiving the petro for commerce with Venezuela such as Norway, Denmark, Brazil, Vietnam, Poland, and others. Also read: Indians Look to Buy Bitcoin […]

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