Tag: Bolivar

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Venezuela Slashes Six Zeroes off Its Currency, Bolivar Keeps Losing Ground Against the Dollar

Venezuela Slashes Six Zeroes off Its Currency, Bolivar Keeps Losing Ground Against the DollarThe Central Bank Of Venezuela applied the announced redenomination plan for the national fiat currency, the bolivar on October 1. This redenomination implied slashing six zeroes from the currency, to make payments and currency handling easier, according to earlier statements. However, just hours after applying this measure, the bolivar lost more than 20% of its […]


October 4, 2021 0

A Look at Why Venezuela Is the Third Country With the Most Crypto Adoption

A Look at Why Venezuela Is the Third Country With the Most Crypto AdoptionVenezuela has been listed as the third country with the most cryptocurrency adoption in the world by Chainalysis in its 2020 report. With its citizens coping with crippling inflation and losing purchasing power, the country has taken a turn for these assets to survive. But what are the real numbers behind this crisis that made […]


May 28, 2021 0

Venezuelan President Maduro Promises 2021 Will Be the Year to Boost Usage of Petro

Venezuelan President Maduro Promises 2021 Will Be the Year to Boost Usage of PetroThe Venezuelan president, Nicolás Maduro, has claimed that 2021 will be the year of the state-backed petro (PTR) token. He also promised to boost a “100% national digital economy” agenda through a “complete digitalization process.” 77% of Trade Transactions in Venezuela Are Made via Digital Solutions in Bolivar During an annual speech at the National […]


January 16, 2021 0

Venezuela Issues 50,000 Bolivar Bill Amid Persistent Hyperinflation

Venezuela Issues 50,000 Bolivar Bill Amid Persistent HyperinflationVenezuelans are used to their currency costing less than the paper it’s printed on. Economic misfortunes and political upheaval place their country at the bottom of all inflation charts, year after year. The latest incarnation of the national fiat, Bolívar Soberano, has succumbed to the illness of all previous emissions – rapid depreciation. The government […]

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June 14, 2019 0

Maduro’s Petro Becomes More Accessible, but Scrutinized by Venezuelans

Maduro's Petro Becomes More Accessible, but Scrutinized by VenezuelansFor a while now people were skeptical about the Petro network and questioned whether or not it even existed. Many Venezuelan citizens explained over the last few months that they hadn’t seen the new asset being used in the wild. However, recent reports detail that there are a few new methods available for residents who […]

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February 26, 2019 0

Venezuelan Banks Start Using the Petro to Denominate Customer Balances

Venezuelan Banks Start Using the Petro to Denominate Customer BalancesVenezuela’s controversial national cryptocurrency, the petro, is slowly permeating the everyday lives of its citizens. The currency, each unit of which is supposedly backed by a barrel of oil, has begun appearing on screens when Venezuelan customers log in to their bank accounts. The move marks the latest attempt by President Nicolás Maduro’s government to […]

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November 6, 2018 0

Venezuela Demands Citizens Pay for Passports With Petro

Venezuela Demands Citizens Pay for Passports With PetroVenezuelan authorities have found another way to impose the adoption of the state-issued cryptocurrency, the petro. Citizens will soon have to pay with the government-controlled digital coin if they want to obtain a travel document. Hundreds of Venezuelans are leaving the crisis-hit country every day. Also read: New Stablecoins: From Cryptopound and Metal-Backed Swiss Coin […]

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October 7, 2018 0

Venezuela Makes Petro Crypto a National Currency, Publishes New Whitepaper

Venezuela Makes Petro Crypto a National Currency, Publishes New WhitepaperVenezuela’s president Nicolas Maduro has made several claims regarding his country’s digital currency this week. He announced the launch of the petro as a national currency on Monday, reportedly claiming that it is already “present in the world’s six topmost international exchange houses.” A new whitepaper has also been published showing that the petro is […]

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October 4, 2018 0

A Look at Venezuela’s Other Cryptocurrencies, While the Petro Takes Center Stage

A Look at Venezuela’s Other Coins, While Petro Takes the Center StageFinancially troubled Venezuela, which is introducing the new, denominated, crypto-anchored “sovereign bolivar” this week, is also the birthplace of a number of alternative coins beside the state-issued, oil-backed national cryptocurrency, El Petro. Crisis-hit Venezuelans are actually using some of them in real life, according to the local crypto community.      Also read: Coinhive Mints Quarter […]

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August 21, 2018 0

Venezuelans to Be Paid at Least Half a Petro a Month

Venezuelans to Be Paid at Least Half a Petro a MonthAnnouncing a 60-fold increase of the minimum monthly salary, President Maduro promised Venezuelans they will be paid at least 0.5 petro, once his monetary reforms are in place next week. The national crypto will be exchanged at a rate of $60 USD and the new “sovereign bolivar” will be pegged to the digital coin.    […]

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August 19, 2018 0