Venezuela Files Complaint With WTO Regarding US Sanctions Against Petro

Venezuela believes the US is unfairly targeting its national cryptocurrency. Venezuela has filed a complaint with the World Trade Organization (WTO), claiming that current US sanctions on the country violate a number of WTO rules and regulations. The complaint asserts that the “coercive trade-restrictive measures” placed on Venezuela’s national cryptocurrency, the petro, are non-pursuant with…

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Venezuela Decrees Crypto Operators Must Pay Taxes in Cryptocurrencies

The Venezuelan government has published a decree requiring taxpayers with crypto operations in the country to pay their taxes in cryptocurrencies. Similarly, operators of foreign currencies must pay their taxes in those currencies. The decree states that the change is necessary for the “strengthening of the current fiscal regime.” Paying Taxes in Cryptocurrencies The Venezuelan government…

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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. Venezuela Starts Selling Petro On Monday,…

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Venezuela Demands Citizens Pay for Passports With Petro

Venezuelan authorities have found another way to impose the adoption of the state-issued cryptocurrency, the petro. Citizens will soon have to pay with the government-controlled digital coin if they want to obtain a travel document. Hundreds of Venezuelans are leaving the crisis-hit country every day. Also read: New Stablecoins: From Cryptopound and Metal-Backed Swiss Coin…

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Bolivar ‘Anchored’ to the Petro to Be Issued in August, Maduro Says

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…

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Venezuela’s New Currency Will Be Pegged to the Petro, President Maduro States

Venezuelan President Nicolas Maduro announced a new national currency, which will be directly tied to the Petro. Circulation is expected to start on August 20, 2018. In an attempt to tackle skyrocketing inflation, Venezuela’s President Nicolas Maduro announced a drastic measure – the creation of a new currency, according to a report by teleSUR. The…

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Venezuelan Politician Slams Trump For Banning Petro

Diosdado Cabello, vice president of Venezuela’s United Socialist Party, has condemned the new economic measures passed by the United States government to attack Venezuela. As reported by Block Tribune, US President Donald Trump signed an executive order banning any US transactions in the Petro, the controversial digital token backed by Venezuela’s oil reserves. At a…

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US bans Venezuela’s petro token, imposes further sanctions

With an economy in tatters and revolt just over the horizon, 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. This includes the much vaunted Petro token, which President Nicolas Maduro claimed was phenomenally successful…

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Venezuela Recruiting Citizens to Mine Cryptocurrencies

Venezuela is calling for its citizens to build cryptocurrency mining farms throughout the country. The government has set up a crypto mining program which president Nicolas Maduro hopes will attract at least 1 million people such as university students, the unemployed, single mothers and the homeless. Maduro Seeks Crypto Miners The president of Venezuela, Nicolas…

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