US introduces sanctions against Russian bank over Petro financing

The U.S. Treasury Department’s list of global sanctioned entities just got a little longer. The agency has implemented blocks against a Russia-based banked, Evrofinance Mosnarbank, after the financial institution was allegedly shown to support Venezuela’s Petro cryptocurrency and was the “primary international financial institution willing to finance” the coin.  According to a Treasury Department notice…

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Venezuela Imposes Fees and Limits on Local Crypto Remittances

The Venezuelan government has introduced regulations for crypto remittances within the country, according to a decree published on Feb. 7 in the country’s official media outlet, Gaceta Oficial. According to the document, the National Superintendency of Crypto Assets and Related Activities (SUNACRIP) will now be responsible for taxation related to the sending and receiving of…

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Venezuela Unveils New Crypto Regulations

Businesses must now register with the Superintendencia Nacional de Criptoactivos y Actividades Conexas, a government bureau. Venezuela has introduced a new regulatory framework for businesses working with crypto assets, according to an official gazette published by Venezuela’s Ministry of Popular Power for Communication and Information (MIPPCI). Businesses are now required to register with the Superintendencia Nacional…

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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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Year in Review: 2018's Top Cryptocurrency Stories

After an intense 2017, filled with cryptocurrency market spikes, the following year was loaded with letdowns as a great majority of digital assets plunged well over 80 percent in value since their all-time highs. 2018 was also filled with lots of headlines about digital currency regulations, exchange hacks, and postponed exchange-traded funds. 2018 Saw Hundreds…

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Venezuela’s President Nicolas Maduro raises price of Petro by more than 100%

The Venezuelan cryptocurrency the Petro has increased in value from 3.600 Bs.s to 9,000 Bs.s. The increase was ordered the country’s president who has been working hard to see the cryptocurrency succeeds. Maduro announced the increase in the price of the Petro against the country’s national currency the Bolivars on Thursday last week which took…

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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 Authorizes Six Crypto Exchanges To Start Selling Petro Next Month

Six crypto exchanges has been authorized by the Venezuelan government to start selling the country’s new national cryptocurrency, the petro, next month. Although Venezuela’s President Nicolas Maduro announced in April of this year that he had certified 16 crypto exchanges to facilitate the adoption of the petro, the national cryptocurrency will only be available at…

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Russia Mulls Oil-Backed Cryptocurrency to Avoid Trade Restrictions

As Russia prepares to step down the use of U.S. dollars in its economy, domestic calls for an oil-backed cryptocurrency that could be shared with other major oil exporting countries are growing. Crypto Pegged to Oil Being Explored “Hypothetically, an oil-backed cryptocurrency would allow oil producing countries to avoid any financial and trade restrictions that…

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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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Venezuela's Petro: Public Sale to Commence on November 5, New Details Brought to the Surface

Photo: Pavlos Giorkas / Flickr Venezuelan president Nicolas Maduro has recently made a series of announcements on national television concerning the government-backed cryptocurrency called the Petro. According to his speech, which is briefly posted on Venezuela’s government website, the Petro is currently open for purchasing with an official wallet available for download on Google Play Store….

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How Venezuela Came to Be One of the Biggest Markets for Crypto in the World

Venezuela has been living with hyperinflation since at least 2014. Its national currency — the Venezuelan bolívar — hit an official inflation rate of 57.3 percent in February 2014, while independent currency analysts were reporting that, by that September, the real inflation rate had already topped 100 percent. In other words, the bolívar (VEF) was…

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New Venezuela Bolivar A 'Scam On Top Of Another Scam,' Says Media

The government of Venezuela pegging its national currency to cryptocurrency Petro and relaunching is a “bigger stunt” than 1920’s Germany during hyperinflation. Scam Me Once… That’s according to a scathing report in Wired August 22, which cites a number of cryptocurrency industry sources describing the country’s latest bid to stabilize its economy as “pure nonsense”…

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An Update Venezuela’s Petro, It’s Looking Worse Than We Thought

The oil-backed Petro, Venezuela’s own sovereign cryptocurrency has hit headlines very recently after authorities in Venezuela announced they would be using the Petro as a tether to the Bolivar, the Venezuelan FIAT currency that is currently struggling under hyperinflation. To give you some context around what is happening in Venezuela, according to Wired, it’s all…

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Maduro Mandates Venezuela's Petro to Become Second National Currency

Facing hyperinflation as well as international sanctions that have brought Venezuela to its knees, controversial President Nicolás Maduro has mandated that his recently-developed Petro cryptocurrency become the nation’s second official currency. Maduro Adopts the Petro as Venezuela’s Second National Currency The news was announced by Maduro in a televised address today, and will officially be in place by August 20,…

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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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Crypto Regulatory Patterns: Challenges and Recommendations

Despite the challenges, regulations for cryptocurrencies should embrace the benefits rather than limit the potential. Three trends have emerged in the area of cryptocurrency regulation, and the challenges facing regulatory bodies are hampering the growth of the digital asset space. Still, regulating the industry would work better if designed to embrace cryptocurrencies instead of restricting…

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Venezuelan President Announces Petro-Fuelled Crypto Bank For Youth Initiatives

Venezuelan president Nicolás Maduro announced the launch of a Petro-funded crypto bank to support initiatives from youth and students, Latin American government-sponsored news outlet TeleSur reported yesterday, May 3. During а speech for the Chamba Juvenil Plan, a social program that promotes jobs for youth, Maduro also noted the necessity of universities maintaining their own…

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Venezuela’s Petro Crypto Awarded the Satoshi Nakamoto Prize

Controversial may be the best word to describe Venezuela’s national cryptocurrency’s journey so far. The Petro was launched in late February by the South American country, and according to its whitepaper, every Petro token represents a barrel of crude oil in the oil-rich nation. The Petro has now received the Satoshi Nakamoto Prize in recognition of…

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