Venezuela has reportedly begun converting pensioners’ monthly payments into its controversial cryptocurrency, the petro. According to the Caracas Chronicles, an English-language politics and economics blog based in the country, the government has recently been taking the bolivares (the country’s current…
Tag: Petro
Venezuela’s Petro Cryptocurrency Is a Gift to Future Generations
Leon Markovitz is a serial entrepreneur and marketing professional. Born in Venezuela, he now lives in Israel where he is researching and marketing stablecoin projects. I really got into cryptocurrencies when I heard about Venezuela’s stablecoin attempt, the petro, late…
Venezuelan Lawmakers Declare Petro Crypto Illegal
One of Venezuela’s two opposing lawmaking bodies has ruled that the country’s issuance of a national cryptocurrency is illegal under domestic law. Announced Tuesday, Venezuela’s Asamblea Nacional, a group of politicians largely at odds with President Nicolas Maduro and his…
Venezuela’s Cryptocurrency Is Here, But Who’s Involved Isn’t Clear
There’s a flurry of information coming out of Venezuela this week about its new national cryptocurrency, the petro, though a full picture of the project has yet to emerge. Indeed, despite the press conferences and Twitter campaigns, one of the…