Posts Tagged ‘Petro’

Venezuela to Force Citizens to Use Cryptocurrency Petro to Buy Passports

The Vice-President of Venezuela, Delcy Rodriguez, announced last Friday that passport issuance fees can only be paid in the government-created cryptocurrency Petro as of November 1, 2018. Furthermore, the cost has increased to 7,200 ($115.77) bolivars to obtain a passport this Monday. In November, this will translate to two petros for a new passport and […]

Trump Orders Sanctions Against Venezuela’s Crypto

Donald Trump has signed an executive order imposing new sanctions against Venezuela for its controversial «petro» cryptocurrency. The sanctions represent the most notable development to date since Venezuela launched the petro in February. As stated at the time by government officials, Venezuela is seeking to use the cryptocurrency as a way to circumvent international sanctions. The Treasury […]

Petro ICO Reportedly Rakes In $5B for Venezuela

Venezuela’s cryptocurrency, the Petro, is reported to have raised $5 billion from its ICO. If true, the amount makes this the most successful ICO in history. According to President Nicolás Maduro, the Petro, the digital currency backed by Venezuela’s oil and mineral resources, received more than 186,000 offers of certified purchase from 127 countries. He […]

Venezuelan Lawmakers Declare Petro Crypto Illegal

Venezuela’s Asamblea Nacional, a group of politicians largely at odds with President Nicolas Maduro and his policies, declared it believes the petro cryptocurrency is unconstitutional, using harsh rhetoric that denounced the project as not only a fraud, but a threat to potential investors. At issue are claims by the government that businesses and retirement accounts […]

Venezuela and Russia Are Collaborating on Cryptocurrency

Venezuelan Finance Minister Simon Zerpa Delgado met with Russian officials in Moscow the day after the petro launched, according to tweets published through his official account. While it’s possible that the meetings focused on other issues as well, the topic of the petro, which was launched late in February, came up. It remains unclear exactly […]

Don’t be fooled – Venezuela’s Petro is not really a cryptocurrency

Petro’s connection to the government goes against the whole idea of cryptocurrencies. They were originally designed to be decentralised and free from any government or central bank control. In this sense the Petro is not really a cryptocurrency – it is a digital security or token, backed by oil reserves. You are not buying anything […]

Venezuela: 82.4M Units of Petro Cryptocurrency Available

The Venezuelan Government has officially announced the pre-sale of the Petro (PTR) cryptocurrency – the first commodity-secured currency of its kind in the world. President Nicolas Maduro previously announced that the value of the entire Petro issuance of 100 million tokens would be just over US$6 billion. The cryptocurrency, which will be backed by the oil resources of the country, aims to begin […]

Venezuela Announces Whitepaper and Pre-Sale of Its Oil-Backed Cryptocurrency Petro

Venezuela’s president Nicolás Maduro announced that the pre-sale of Venezuela’s national cryptocurrency, the petro, will begin on February 20. In addition, he has presented and signed the official petro’s whitepaper and unveiled the Petro Container for mining the new currency. “We have reached the future. Venezuela advances as an economic power,” the president remarked, specifying […]