Venezuela is ending its Petro cryptocurrency on Monday, more than five years after it was first launched, according to multiple reports.
Venezuela extends reorganization shutdown of crypto agency to March 2024
The government will spend six additional months to ‘reorganize” the entity, which de-facto stopped its work in March 2023.
Venezuela shuts down crypto mining facilities, exchanges amid corruption probe
According to Venezuela’s attorney general office, government officials were running parallel oil operations with the assistance of the national crypto department.
Venezuela overhauls national crypto department
A new board will lead the reorganization, headed by Anabel Pereira Fernández. The new team excludes Joselit Ramirez, who led the department since its inception in 2018.
Venezuelans reportedly hit by new Bitcoin tax of up to 20%
Bitcoin adoption has been on the rise in Venezuela in recent years amid hyperinflation and the national currency crisis.
Venezuelan international airport to accept Bitcoin payments: Report
“We must advance in these new economic and technological systems to be accessible,” Maiquetia airport director said.
Venezuela to launch CBDC in October — and cut six zeros from its currency
The Central Bank of Venezuela is rolling out a CBDC in October and will launch an SMS-based exchange system to facilitate its use.
US Offers $5M Bounty for Arrest of Venezuela’s Crypto Chief
The head of Venezuela’s state-backed petro cryptocurrency has been added to the U.S Immigration and Customs Enforcement’s Most Wanted list.
US Says Venezuelan President Maduro Hid Massive Drug Ring Proceeds in Crypto
Nicolas Maduro and his crypto supervisor were two of the Venezuelan officials indicted Thursday on claims they used crypto to conceal the profits from drug running.
Venezuela’s Maduro: Airlines Must Use Petros to Pay for Fuel
The state oil company will only accept petro for airplane fuel, per a new decree from Venezuela’s president.
Authoritarian Airdop: Maduro ‘Gifts’ Petros to Venezuelans for Christmas
Discussing new trials of an LN point-of-sale app; updates in consumer & institutional crypto derivatives, and Venezuelan petros as holiday bonuses.
Venezuela’s Maduro Says He Will Airdrop Half a Petro Each to Nation’s Civilians
Venezuelans including public sector workers, retirees and the military are set to receive a petro token handout this Christmas, so long as they register for the state’s crypto payments platform.
Venezuela’s Maduro Mandates Petro Use in Funding of Social Housing Project
Venezuela’s president has ordered his pet cryptocurrency, the petro, to be used in funding an ongoing housing initiative.
Sanctions-Hit Cuba Eyes Cryptocurrency as Solution to Financial Woes
Cuba has announced it is considering the use of cryptocurrency in order to bolster its finances amid U.S.-led sanctions.
US Treasury Sanctions Russian Bank Over Links to Venezuela’s Petro
The U.S. Department of the Treasury has sanctioned a Moscow-based bank over its role in financing Venezuela’s controversial petro token.
Venezuela Isn’t the Crypto Use Case You Want It to Be
Cryptocurrency enthusiasts love to talk about Venezuelan users as an example of bitcoin’s subversive potential – but the reality is more complex.
Report: Venezuela Is Forcibly Converting Pension Balances to the Petro
Venezuela has reportedly begun automatically converting residents’ pensions into its controversial cryptocurrency.
Venezuela to Sell Oil for Petro Cryptocurrency in 2019, Says Maduro
Venezuela’s President Maduro has said the nation will sidestep the dollar and use its controversial petro token for oil sales next year.
Venezuela to Present Petro at OPEC as the ‘Digital Currency for Oil’
Venezuela is hoping the world’s oil markets will start using its controversial national cryptocurrency, the petro.
Venezuelans Forced to Use Petro Cryptocurrency to Pay for Passports
Venezuelans must now pay for passports with the country’s controversial petro token, according to a report.