Soaring Inflation Sends Bitcoin Trading Volume to New High in Venezuela

The amount of Venezuelan bolivars being spent to purchase bitcoin has risen to record levels as the South American country experiences unprecedented hyperinflation and a worsening economic crisis. Per Coin Dance, bitcoins worth nearly 900 million bolivars have been traded so far this week in Venezuela, and this is already higher than last’s week volume …

Venezuelans Must Pay Passport Fees with Petro Cryptocurrency: Govt.

Starting next week, Venezuelans will have to pay their passport fees with the petro, the controversial state-supported cryptocurrency that is allegedly backed by oil. This was announced in a press conference on Friday, Oct. 5, by the country’s vice president, Delcy Rodriguez, ahead of the coin’s official launch in November. This follows a similar press …

Public Sale of Venezuela’s State Crypto Petro to Commence on November 5

With the Petro now officially launched, the public sale of the state-backed cryptocurrency will begin early next month. In a televised address on October 1 during Venezuelan president, Nicolas Maduro announced that the public sale of the Petro will kick off on November 5. Though he did not list names, Maduro also indicated that the …

Venezuela’s Oil-Backed Petro Appears to Be a ‘Blatant’ Copy of Dash

Venezuela’s oil-backed cryptocurrency Petro (PTR) appears to be a “blatant” copy of Dash, as it has the same mining algorithm, similar features, and a part of its whitepaper appears to have been lifted from that of the privacy-centric cryptocurrency. As first pointed out by Ethereum developer Joey Zhou on Twitter, the oil-backed cryptocurrency’s whitepaper has on …

The Petro Probably Doesn’t Exist, Nor the Oil Reserves Backing It: Report

A month after Venezuelan president Nicholas Maduro announced the creation of the Petro, a state-backed cryptocurrency that would supposedly bring the country out of six-figure hyperinflation, the only place the Petro seems to exist is in the media. A Reuters special report recently documented the situation in the oil-rich savanna region around the town of Atapirire, …

Bitcoin Venezuela on Why the Petro Isn’t Even ‘Backed by Trust’

Randy Brito is the head of Bitcoin Venezuela, a non-profit organization dedicated to educate and promote Bitcoin in Venezuela. He is also spearheading the Locha project, which he describes as “an effort to push the needed developments and research for achieving the hyperbitcoinization in Venezuela.”  Brito also sees a use case for bitcoin in countries …

Venezuela to Finance Villas for the Homeless with Oil-Backed Cryptocurrency Petro

Venezuela’s minister of Habitat and Housing, Ildemaro Villarroel, recently revealed that the country’s government is planning to finance the construction of villas using its oil-backed cryptocurrency, the Petro. According to local news outlet Telesur, the villas will be financed as part of the country’s housing project “la Gran Misión Vivienda Venezuela (GMVV),” which according to …

India Won’t Pay for Venezuelan Oil With ‘Petro’ Cryptocurrency

Get exclusive analysis and cryptocurrency insights on Hacked.com for just $39 per month. Despite being offered a reported 30% discount in crude oil imports from Venezuela for payment in petro, India has no plans to use the South American nation’s cryptocurrency after being hindered by its central bank crypto curbs. Indian foreign minister Sushma Swaraj …

Venezuela to Launch Petro-funded Youth Bank, Maduro Claims

Join our community of 10 000 traders on Hacked.com for just $39 per month. Venezuela will open a youth bank funded by the government’s state-backed petro cryptocurrency, the country’s president said on Thursday. Nicolas Maduro announced the initiative during a youth rally held in the state of Aragua, and regional news outlet Telesur reports that …

Bolivar to Bitcoin Trading Surpasses a Record $1 Million per Day

Join our community of 10 000 traders on Hacked.com for just $39 per month. Venezuela’s economic situation has been steadily declining in the past few years, bringing Venezuelans to turn to cryptocurrencies. According to VeneBloc data, the bolivar-to-bitcoin market recently reached a new record, as the equivalent of $1.009 million in bolivars were exchanged for …