Dash Launches Text-Based Crypto Payment Service in Venezuela

Crypto project Dash has announced the launch of Dash Text, an SMS-based cryptocurrency transaction service for Venezuelan users, as it builds on its already strong presence in the crypto dependent country. In an announcement released this week, the company said that Dash Text eliminates the need for Venezuelan users to possess smartphones and internet access The post Dash Launches Text-Based Crypto Payment Service in Venezuela appeared first on CCN

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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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The Petro Probably Doesn’t Exist, Nor the Oil Reserves Backing It: Report

A month after Venezuelan president Nicholas Maduro announced the creation of the Petro, a state-backed cryptocurrency that would supposedly bring the country out of six-figure hyperinflation, the only place the Petro seems to exist is in the media. A Reuters special report recently documented the situation in the oil-rich savanna region around the town of Atapirire, The post The Petro Probably Doesn’t Exist, Nor the Oil Reserves Backing It: Report 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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Bolivar to Bitcoin Trading Surpasses a Record $1 Million per Day

Venezuela’s economic situation has been steadily declining in the past few years, bringing Venezuelans to turn to cryptocurrencies. According to VeneBloc data, the bolivar-to-bitcoin market recently reached a new record, as the equivalent of $1.009 million in bolivars were exchanged for bitcoin on April 17. VeneBloc tracks transactions made on peer-to-peer exchange LocalBitcoins on the … Continued The post Bolivar to Bitcoin Trading Surpasses a Record $1 Million per Day 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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