President Maduro Orders The Bank of Venezuela to Accept Petro Crypto

Venezuela’s President Nicolas Maduro ordered the country’s leading bank, Banco de Venezuela, to accept the nation’s cryptocurrency El Petro at all its branches. Venezuela’s President Nicolas Maduro ordered the country’s leading bank, Banco de Venezuela, to accept the nation’s cryptocurrency, the Petro (PTR) at all of its branches, the country’s Finance Ministry tweeted on July […]

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Venezuela and Russia Discuss Mutual Trades in Petro and Russian Ruble: Report

Venezuela is considering to close mutual trade settlements with Russia using the ruble, Russian government-backed TV channel RT reports on May 17. Venezuela’s representative to the United Nations in Geneva Jorge Valero said they are also discussing uses for the state-owned Petro (PTR) cryptocurrency. Valero reportedly revealed that Venezuelan authorities are now working with Russia […]

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US Treasury Sanctions Russian Bank Over Links to Venezuela’s Petro

The U.S. Department of the Treasury has sanctioned a Moscow-based bank over its role in financing Venezuela’s controversial petro cryptocurrency. The Treasury announced Monday that its Office of Foreign Assets Control (OFAC) has designated Evrofinance Mosnarbank – which is jointly owned by Russian and Venezuelan state-owned firms – to the Specially Designated Nationals List, as it […]

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Venezuela on Fire: How Maduro’s Petro Plan Failed to Bail Out the Country

Venezuela on Fire: How Maduro’s Petro Plan Failed to Bail Out the Country

Venezuelan leader Nicolas Maduro was sworn in for a second term on Jan. 10, amid tremendous hyperinflation, long-lasting political and economic crisis, and strict sanctions imposed by its former partner and oil purchaser: the United States. Since Maduro first took office in 2013, Venezuela has faced several brutal riots, including the “Mother of All Marches” […]

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Venezuela: Maduro Raises Petro’s Value by 150 Percent Amid Ongoing Inflation

Venezuela’s Maduro has increased the Petro’s value from 3,600 to 9,000 bolivars in the midst of ongoing inflation in the country. Venezuela’s рresident, Nicolas Maduro, has raised the reference value of the national cryptocurrency, Petro, against the background of the country’s ongoing hyperinflation, the president’s official Twitter tweeted Nov. 30. According to major Latin American […]

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Venezuela Officially Launches Sale of Controversial Petro Coin for Fiat, Crypto

Venezuela launches the official sale of state-owned Petro — a controversial coin that can only be purchased from its website or directly from National treasury for cryptoassets. Venezuela’s controversial state-owned cryptocurrency the Petro is now available for purchase for fiat and crypto, Venezuelan Economy Department announced on Twitter Monday, Oct. 29. According to an infographic […]

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