Airlines must pay for fuel in petro, says Venezuela's Maduro

Venezuelan President Nicolas Maduro has said that airlines flying from Caracas, the capital city of the country, must pay for fuel in petro cryptocurrency. Maduro announced the news at his annual speech to the ruling Constituent Assembly on Tuesday, as reported by France24. “I decree the sale of all fuel sold by the PDVSA [Venezuelan […]
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Jan 15, 2020, 12:17PM UTC

Venezuela to sell oil and gold for petro cryptocurrency, says Maduro

Venezuelan President Nicolas Maduro has said that the country will sell oil and part of the gold it produces for its national cryptocurrency petro. “We will sell Venezuelan oil in exchange for petros. We have already signed contracts for the sale of oil, steel, iron and aluminum, and we will sell part of the gold […]
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Jan 3, 2020, 11:50AM UTC

Venezuela to back its petro crypto with 30M barrels of oil as opposed to 5B barrels planned earlier

Venezuela will back its national cryptocurrency, the petro, with some 30 million barrels of crude oil sitting in the country’s storage tanks. “I will deliver these 30 million of barrels as a liquid, physical, material backing for the petro,” Venezuelan President Nicolas Maduro said in a state television address on Wednesday, as reported by Reuters. […]
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Nov 21, 2019, 11:45AM UTC

Venezuelans will ‘soon’ be able to make crypto payments

Venezuela President Nicolas Maduro has said that the country’s government will activate a cryptocurrency payment method for citizens “very soon.” The method will enable new instruments for “free national and international payments” allowing everyone to conduct banking transactions, Maduro said in a televised press conference, as reported by Bloomberg on Tuesday. “The finance minister and […]
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Oct 1, 2019, 7:51AM UTC

Venezuela launches crypto platform to drive use of its oil-backed Petro

The Venezuelan government now has a fully operational, state-run crypto platform, according to a statement from the government Monday. The Patria Remesa system can be used to transfer money using the government’s oil-backed crypto, the Petro or Petromoneda. The country launched the Petro last year. Now, it’s coupling that with a state-run crypto platform. It […]
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Aug 27, 2019, 9:13PM UTC

President Maduro announces Bank of Venezuela will accept petro following national order

Venezuela’s President Nicolás Maduro has ordered the Bank of Venezuela to accept government-issued cryptocurrency, the petro. According to a tweet by the country’s finance minister, the bank must open petro-processing desks in all branches across Venezuela. The announcement was made on the tenth anniversary of the bank’s nationalisation. The move is aimed to help popularise […]
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Jul 5, 2019, 10:25AM UTC

Crisis-hit Cuba eyeing cryptocurrency usage to boost its economy

The government of Cuba is considering the use of cryptocurrency to beat its economic crisis aggravated by U.S. sanctions, Reuters reported Wednesday. Cuban Economy Minister Alejandro Gil Fernandez reportedly said: “We are studying the potential use of cryptocurrency … in our national and international commercial transactions, and we are working on that together with academics.” […]
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Jul 3, 2019, 11:08AM UTC