Tag: Venezuela

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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

Venezuelan Authorities Shut Down Power Supply to Bitcoin Miners in Key State

caraboboRegional authorities in one of the key states of the country, Carabobo, suspended the power supply of all registered miners, effectively shutting down their operations in the industrial state. While there have been no official explanations for this measure, some people with knowledge on the matter state the action was taken due to the enormous […]


August 10, 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 Programmer Who Created the Petro Token Regrets Participating in the Project — Works on an Alternative Token

Venezuelan Programmer Who Created Petro Regrets on Having Participated in the Project — Works on an Alternative TokenVenezuela’s government-backed cryptocurrency is not having the acceptance its cabinet expected, as the latest reports suggest. The petro’s creator, who now lives in exile, wants to build another crypto that gets the adoption its original creation did not in the nation. Jiménez Believed the Petro Could Have Given Venezuelans a ‘Measure of Freedom’ Per a […]


April 29, 2021 0

Venezuelan Guards Seize 76 Bitcoin Mining Rigs Due to ‘Inconsistencies’ in Transport Documents

Venezuelan Guards Seize 76 Bitcoin Mining Rigs Due to 'Inconsistencies' in Transport DocumentsThe Bolivarian National Guard of Venezuela (GNB) is known for having a tough stance against crypto mining rig counterfeits, as several operations have been assigned to combat the issues over the last few months. This time, the Venezuelan authorities seized 76 mining rigs after allegedly detecting inconsistencies in the transport documentation. Rigs Are Presumably ASIC […]


April 13, 2021 0

Major Venezuelan Satellite TV Provider Enables Bitcoin and Other Cryptocurrencies Payments

Major Venezuelan Satellite TV Provider Enables Bitcoin and Other Cryptocurrencies PaymentsVenezuelan customers from the biggest satellite TV provider in the country are now able to pay their monthly bills via cryptocurrencies. Simple TV announced it had enabled the feature to its over four million users, whose company was the replacement of Directv. Company Expects to Cut Dependency on Fiat Dollar According to the announcement, the […]


March 30, 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

Venezuelan Crypto-Friendly Freelancing Platform Emerges Amid Economic Crisis, US Sanctions

Venezuelan Crypto-Friendly Freelancing Platform Emerges Amid Economic Crisis, US SanctionsMore cryptocurrency solutions keep appearing on the scene for Venezuelan residents as U.S. sanctions weigh on Nicolás Maduro’s government, including heavy restrictions on the circulation of foreign exchange transactions, driving people to find on crypto a way to circumvent such hurdles and the economic crisis. Venezuelan Freelancers Find Ways to Circumvent U.S. Sanctions by Using […]

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December 10, 2020 0

Venezuela To Start Using Cryptocurrency in Global Trade in Efforts To Fend off U.S. Sanctions

Venezuela president Nicolas Maduro says the country is to start using cryptocurrency in both domestic and global trade, as part of efforts to neutralize crippling U.S. economic sanctions. Speaking in the country’s parliament on Sept. 29, Maduro revealed that the move will “give new strength to the use of petro and other cryptocurrencies, national and […]

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October 1, 2020 0

Venezuela Seizes 315 Bitcoin Mining Rigs: Miners Discuss Illegal Confiscation, Police Extortion

Venezuela Seizes 315 Bitcoin Mining Rigs: Miners Discuss Illegal Confiscation, Police ExtortionThe Venezuelan military has seized 315 Bitmain Antminer S9 bitcoin mining rigs it claims are not properly registered to operate in the country. Although cryptocurrency mining is legal in Venezuela, miners say they have been unfairly treated, citing illegal seizures of mining equipment and police extortion. Venezuela Seizes Bitcoin Mining Equipment The Bolivarian National Guard […]

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July 9, 2020 0