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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Embracing Utility in 2019: Unreliable Crypto Networks Will Lose to Hyperbitcoinization

Cryptocurrencies started gaining significant mainstream attention in 2017 and speculation brought coin values to unseen levels, before quickly deflating. Now, after a decade, it seems this technology is entering a new era that can actually move past speculation to embrace real-world utility. The only way this feat will be accomplished, however, is by offering a…

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Argentina Gets 7 New Bitcoin ATMs For Christmas

Argentina ends the year on a Bitcoin high, as Athena Bitcoin Argentina rolls out seven Bitcoin ATMs (BATMs) with more to come. This now makes it the country with the fourth highest number of BATMs in Latin America. Argentina Getting More Bitcoin ATMs Before 2018, Argentina was faring rather badly in terms of BATM numbers, with…

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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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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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DASH Adoption in Inflation-Prone Venezuela Provides Validity for Cryptocurrency

Venezuelans Turn to DASH and Cryptocurrency to Escape Rampant Inflation DASH (DASH)–Despite an otherwise bearish year for cryptocurrency, several different coins across the market have been experiencing a price revival. Throughout last week, NANO leapt from under $1 to above $3, posting a 300 percent gain in the span of days. DASH, another popular currency…

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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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Crypto is Taking Over Venezuela, Due to the Country's Destroyed Fiat System

Venezuela is facing hyperinflation and international sanctions that have brought the economy and its people to their knees. In response, President Nicolás Maduro recently mandated that his Petro crypto will become the nation’s second official currency starting tomorrow, August 20. In relation, some believe a “post-fiat” world is emerging in the country, with both the government and…

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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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What World Leaders Think About Crypto, and How They Want Decentralization to Bolster Centralised Power

Given the apparent sensitivity of cryptocurrency markets to regulatory and political developments, it stands to reason that the world's leaders —  and what they think about crypto — will be vitally important in determining the direction the cryptocurrency market will travel in the future. Many leaders have been willing to sit back over the past…

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Mining Round-Up: Venezuelan Authorities Raid Miners, Taiwanese Miner Shot for Debt to Investors

In recent mining news, Venezuelan authorities are cracking down on mining operations – with one Venezuelan telling reporters that he was forced to leave his home country after becoming the victim of extortion. In other news, a Taiwanese miner was shot by gangsters after failing to deliver on returns on the gang’s investment into his…

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Venezuela and Palestine Approve Binational Millionaire 'Petro Fund'

Venezuela and Palestine have agreed on a series of measures to improve international relations and political —and economic— affairs, producing a strategic alliance that seeks to promote the global adoption of Petro and the Palestinian Industry as well. On Monday, May 7, 2018, Venezuelan President Nicolás Maduro officially received Palestinian President Mahmoud Abbas, with whom he held…

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Venezuela To Launch A Cryptocurrency Bank for Youths ⋆ ZyCrypto

Nicolas Maduro, President of the Latin-American nation, has never hidden his love for cryptocurrencies and in a new development has announced that the country is set to launch a youth bank that will be funded by Petro (PTR) – a digital token developed under his government. The announcement was made in the State of Aragua,…

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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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One of the world’s largest cryptocurrency exchanges has issued a statement regarding the recently launched “El Petro” (PTR) – a digital currency supposedly backed by Venezuela’s crude oil reserves. Bitfinex are refusing to list the planet’s first ever state-issued cryptocurrency. The Petro Offers “Limited Utility” The reasons cited in the blog post from Bitfinex that was…

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