Venezuelans can only use the state-backed cryptocurrency, the Petro, to pay for passport fees starting next week, the country’s vice president Delcy Rodriguez said in a press conference Friday, Oct. 5. Ahead of Petro’s official “launch” in November, Rodriguez confirmed that as of Monday, Oct. 8, fees for all passport applications will only be payable in Petro, and will cost an […]

With the Petro now officially launched, the public sale of the state-backed cryptocurrency will begin early next month. In a televised address on October 1 during Venezuelan president, Nicolas Maduro announced that the public sale of the Petro will kick off on November 5. Though he did not list names, Maduro also indicated that the state-backed cryptocurrency is currently […]

Reuters has today, August 30, published an investigative report into Venezuela’s national oil-backed cryptocurrency, the Petro (PTR), attempting to square government claims with facts on the ground and evidence of the Petro’s transaction history to date. Reuters dispatched reporters to the central Venezuelan hamlet of Atapirire, which sits at the heart of the 380-square-kilometer territory […]

Randy Brito is the head of Bitcoin Venezuela, a non-profit organization dedicated to educate and promote Bitcoin in Venezuela. He is also spearheading the Locha project, which he describes as “an effort to push the needed developments and research for achieving the hyperbitcoinization in Venezuela.”  Brito also sees a use case for bitcoin in countries […]

The number of Venezuelans entering Brazil is rising, officials say, despite Saturday’s attacks on makeshift migrant border camps. A Brazilian army spokesman said about 900 Venezuelans were expected in the state of Rorarima on Monday, a steep rise in the daily average. The numbers of people trying to flee Venezuela’s economic collapse are stoking regional […]

VENEZUELA is to make its homegrown cryptocurrency, the Petro, an official currency alongside the bolivar as the South American nation continues to battle hyperinflation which has left it on the brink of economic collapse. President Nicolas Maduro announced state-owned oil giant Petroleos de Venezuela (PDVSA) will begin using the digital token from Monday, August 20. […]

Venezuela is reportedly looking to launch a central bank for cryptocurrencies, as the country’s National Constituent Assembly is preparing to reform the Venezuelan Constitution to include it, along with a court above its Supreme Court. According to Reuters, information on the development was provided by Hermann Escarrá, which the outlet describes as “one of the most […]

Caracas (AFP) – Whether it sparks a social revolution or forces the government to open up the economy, one thing for sure is that Venezuela’s projected one million percent inflation will heap more misery on an already suffering population. Earlier this week, the International Monetary Fund (IMF) made the stunning projection, adjusting its previous estimate […]