Controversial Venezuelan State Cryptocurrency ‘Petro’ is Now for Sale

After months of speculation regarding the status of Venezuela’s much-publicised Petro cryptocurrency project, the Venezuelan government has announced that the Petro is now available for sale and can be bought with bitcoin and litecoin. A tweet from the official account of the Venezuelan Vice president of the Economy, Tareck El Aissami posted on October 29 The post Controversial Venezuelan State Cryptocurrency ‘Petro’ is Now for Sale appeared first on CCN

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Bitcoin: An Alternative Solution to Venezuela’s Economic Crisis

One million units of a nation’s currency to buy a cup of coffee would have been unthinkable before now. This is the case in Caracas, Venezuela, today, where it now costs one million bolivars to buy a single cup of coffee. This is due to the hyperinflation of the past 12 months in the once-rich The post Bitcoin: An Alternative Solution to Venezuela’s Economic Crisis appeared first on CCN

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Venezuela’s Bolivar Sees 454% Inflation in Q1 as Maduro Hawks the Petro

Runaway inflation continues to devalue the Venezuelan Bolivar (VEB), even as the country’s authoritarian government seeks to divert attention from the floundering economy by hawking its “Petro” cryptocurrency. According to Reuters, prices in Venezuela rose by 454 percent during the first quarter of 2018 and have swelled by 8,900 percent over the past 12 months. … Continued The post Venezuela’s Bolivar Sees 454% Inflation in Q1 as Maduro Hawks the Petro appeared first on CCN

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Venezuela to Auction Petro via Its Dicom Foreign Exchange Platform

According to Venezuelan vice president Tareck El Aissami, the country’s oil-backed cryptocurrency Petro (PTR) will be auctioned to private companies via the country’s Dicom foreign exchange platform “in a few weeks.” While speaking at a meeting broadcast on state television, El Aissami stated that the Petro will be auctioned, and added that companies will be … Continued The post Venezuela to Auction Petro via Its Dicom Foreign Exchange Platform appeared first on CCN

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