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Montevideo, February 5th 2023 - 19:46 UTC

Tag: petro

  • Wednesday, August 22nd 2018 - 09:00 UTC

    Venezuelan businesses shut down shops to protest last monetary measures

    As a currency devaluation and package of economic measures went into effect, the opposition asked storekeepers to shut up shop in protest

    Venezuela's streets were quieter than normal on Tuesday, as a currency devaluation and package of economic measures by populist president Nicolas Maduro went into effect, and the opposition asked storekeepers to shut up shop in protest. Venezuela on Monday cut five zeros from prices and pegged the country’s currency to an obscure state-backed cryptocurrency, as part of a broad set of measures meant to address hyperinflation and an economic crisis.

  • Wednesday, February 21st 2018 - 01:26 UTC

    Petro, the Venezuelan cryptocurrency is online

    The initiative promoted by the government of Nicolás Maduro responds to individual sanctions by the international community against government officials.

    The pre-sale of Petro began early on Tuesday, the cryptocurrency proposed by the Venezuelan government in recent weeks and backed by the country's natural resources. According to experts, it is “ridiculous”, arguing that the creation of a new currency would aggravate the economic crisis in the Caribbean country.

  • Monday, February 19th 2018 - 09:14 UTC

    Venezuela launches its “Petro” crypto-currency, backed with oil, on Tuesday

    “On Tuesday, there will be quite a few announcements about the start of the process,” Vargas said

    Venezuela’s “Petro” crypto-currency will attract investments from Turkey, Qatar, the U.S., and Europe, the country’s crypto-currency regulator, Carlos Vargas, told reporters. The Petro will be offered for sale this Tuesday, February 20th, and comes as Venezuela is suffering from quadruple-digit inflation and chronic shortages of food and medicine.

  • Wednesday, January 10th 2018 - 09:25 UTC

    Petro: The cryptocurrency that is not cryptocurrency

    For technology analyst Luis Carlos Diaz, “Petro does not approach a cryptocurrency but rather a bond, and we already know what happens with Chavism bonds”

    According to the journalist specialized in technology Edgar Rincon, the solution devised by the Venezuelan government to evade the “strong and cruel sanctions of the international community to Venezuela”, the Petro, is not a cryptocurrency because “within the guidelines of the cryptocurrency guide does not fit. ”