Tag: Venezuela

In a move that highlights the importance of digital currencies going forward, Venezuela pegged its minimum wage to its own state crypto. On Friday, Venezuelan President Nicolas Maduro announced pegging the value of minimum wage to half a Petro, its state-sanctioned digital currency. Although authorities modeled it on the Bitcoin fork Dash, Petro (PTR) is centralized around government issuance. That makes it more like a Central Bank Digital Currency (CBDC) than crypto. Half a petro worth roughly 126 bolivars or…

Venezuelan President Nicolas Maduro suggested the creation of a national cryptocurrency in 2017. Officials claim that the country's oil, gas, and mineral riches back its value. However, as of today, Petro seems to fail fulfilling its purpose of rescuing the national economy. Some foreign observers believe the Petro digital currency is a trick to circumvent international restrictions. These sanctions prevent Venezuela from borrowing cash on global markets. This article will provide an analysis of the creation of this national cryptocurrency.…

Venezuela has increased measures to utilize cryptocurrency payments for cross border payments as it looks to reduce the effect of U.S sanctions. This renewed effort is driven by the new anti-social law introduced by Venezuelan President Nicolas Maduro in September. The anti-sanction law gives the executive power to authorize the creation and implementation of any financial mechanism. This has been put into effect with the South American nation paying allied countries like Iran and Turkey in Bitcoin. Maduro is also…

Venezuela’s failing economy has often barred the country from the global financial system. Over the last few years, President Maduro has been turning to cryptocurrency to savor the failing economy.  The South American country has been at the forefront of cryptocurrency adoption, with several projects in play. The recent move by the government is accepting bitcoin for passport payments.  The news hit the country by storm after a twitter user put out a screenshot of the government website, showing cryptocurrency…

As the crypto market continues to reach new heights, it’s more than just investors interested in the power of blockchain technology. Governments and major financial institutions recognize the benefits of cryptocurrencies, such as higher efficiency and streamlined payments. As such, Central Bank digital currencies (CBDCs) have started to emerge across the globe. A recent survey revealed that around 10% of central banks are on the verge of issuing some form of centralized cryptocurrencies. Unlike cryptocurrencies designed to provide a reliable…