Venezuela Launches Oil Cryptocurrency

Venezuela launches oil cryptocurrency

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Venezuela has launched a cryptocurrency in an attempt to bypass tough economic sanctions imposed by the US government.

The "Petro" is intended to bolster the country's crumbling economy, which has. CARACAS (Reuters) - Venezuelan President Nicolas Maduro looked to the world of digital currency to circumvent U.S.-led financial sanctions, announcing on Sunday the launch of the “petro” backed by.

· “Venezuela will create a cryptocurrency,” backed by oil, gas, gold and diamond reserves, Maduro said in his regular Sunday televised broadcast, a five-hour showcase of Christmas songs and dancing. President Nicolas Maduro of Venezuela has announced the creation of a new national digital currency – the Petro. He believes that this cryptocurrency will fight off the effects of the US-led sanctions. The economic situation in Venezuela is in total freefall. · Caracas, Venezuela – With Bitcoin soaring to new record high daily, Venezuelan President Nicolas Maduro announced Sunday that in an effort to bypass U.S.-led financial sanctions Venezuela would launch a digital cryptocurrency backed by eyga.xn----8sbelb9aup5ak9a.xn--p1ai: Jay Syrmopoulos.

Venezuela oil-backed cryptocurrency to launch in days ...

· Venezuela's cryptocurrency will launch within days and be backed by billion barrels of oil worth $ billion, in a bid to offset a deep financial crisis, the socialist government said on Thursday.

President Nicolas Maduro surprised many earlier this month when he announced the "petro"Author: By Deisy Buitrago and Girish Gupta. · Venezuela's cryptocurrency will launch within days and be backed by billion barrels of oil worth $ billion, in a bid to offset a deep financial crisis, the socialist government said on.

Venezuela Introduces Oil Backed Crypto-Currency

Venezuela is issuing $ billion in petro, its state cryptocurrency, in the hopes that it will drive the country out of economic downfall amid US sanctions. The petro is backed by the country's oil, diamond and gold reserves. Venezuelan President Nicolas Maduro has said his country will launch a cryptocurrency to combat a US-led financial "blockade", although he provided few clues about how the economically crippled OPEC member would pull off the feat.

Caracas, Venezuela – With Bitcoinsoaring to new record high daily, Venezuelan President Nicolas Maduro announced Sunday that in an effort to bypass U.S.-led financial sanctions Venezuela would launch a digital cryptocurrency backed by oil.

“Venezuela is announcing the creation of its own cryptocurrency. It will be called The Petro. It will allow us to innovate towards new forms of. · Venezuelan President Nicolas Maduro looked to the world of digital currency to circumvent U.S.-led financial sanctions, announcing on Sunday the launch of the "petro" backed by oil reserves to shore up a collapsed economy.

"Venezuela will create a cryptocurrency," backed by oil, gas, gold and diamond reserves, Maduro said in his regular Sunday televised broadcast, a five-hour. Two months after Venezuelan President Nicolas Maduro surprised analysts and the cryptocurrency world with his idea to launch an oil-backed cryptocurrency, the socialist president said early on.

Venezuela is getting ready to launch within days its own cryptocurrency--El Petro--which will be backed by more than billion barrels of oil and support $ billion worth of financial.

· Caracas said that each unit of the petro is pegged to the price of one barrel of Venezuelan oil. The country’s cryptocurrency regulator has said it.

In Venezuela, 'Cutting-Edge' Cryptocurrency is Nowhere To ...

· “Venezuela will create a cryptocurrency, backed by oil, gas, gold and diamond reserves," Maduro said in his regular Sunday televised broadcast, a five-hour showcase of Christmas songs and dancing. "Venezuela will create a cryptocurrency," backed by oil, gas, gold and diamond reserves, Maduro said in his regular Sunday televised broadcast, a five-hour showcase of Christmas songs and dancing. The Venezuelan government will soon launch an official cryptocurrency, according to Venezuelan President Nicolas Maduro.

The crypto, to be named the Petro, will be backed by the nation’s natural resources, which include its estimated billion barrel oil reserves as well as significant gold, diamond, and other mineral deposits. The petro (₽), or petromoneda, launched in Februaryis a cryptocurrency issued by the government of Venezuela.

As of August it does not appear to be used as a currency. Announced in Decemberit is supposed to be backed by the country's oil and mineral reserves, and is intended to supplement Venezuela's plummeting bolívar fuerte ('strong bolívar') currency, as a means of Original author(s): Government of. The leftist leader offered few specifics about the currency launch or how the struggling OPEC member would pull off such a feat, but he declared to cheers that “the 21st century has arrived!” “Venezuela will create a cryptocurrency,” backed by oil, gas, gold and diamond reserves, Maduro said in his regular Sunday televised broadcast, a.

· According to Reuters, the cryptocurrency announcement was made on Sunday, Dec. 3, in a televised broadcast by Maduro who said that Venezuela would create a cryptocurrency, backed by oil, gas, gold.

· The Government of Venezuela has said it intends to launch an oil-backed cryptocurrency in a few days. Earlier this month, the President Nicolas Maduro had announced the “petro” cryptocurrency, and that it was to be backed by OPEC member Venezuela’s oil, gold, diamond and gas reserves.

Maduro declared that, “Every single Petro will be backed by a barrel of oil,” and. · CARACAS, Venezuela — Crisis-ridden Venezuela is launching an oil-backed cryptocurrency Tuesday that it hopes will help circumvent U.S.

Venezuela Launches Oil Cryptocurrency - ‘Petro’-bolivar: Venezuela To Launch Oil-backed Cryptocurrency

financial sanctions and resurrect the country’s moribund Author: Rachelle Krygier. · Crypto by Oil According to the Venezuelan government, the country’s cryptocurrency will launch within the next few days and will be backed by billion barrels of oil worth $ billion. If it. Venezuela has launched a cryptocurrency backed by oil in an attempt to bypass tough economic sanctions imposed by the U.S. government. "The 'Petro' is intended to bolster the country's crumbling economy, which has been suffering from hyperinflation and devaluation for years," reports the BBC.5/5().

President Nicolas Maduro said on Sunday Venezuela would launch a cryptocurrency to combat a US-led financial 'blockade,' although he provided few clues about how the economically crippled OPEC member would pull off the feat. On Tuesday, Venezuela launched its own cryptocurrency, Petro, to boost oil trade. This measure was devised to circumvent U.S.

Venezuela to Launch Oil-Backed Cryptocurrency - TheStreet

financial sanctions and resurrect the country’s moribund economy. The pre-sale of the petro will be representative of crude barrel from a specific division in the country’s Orinoco oil. Venezuela has announced plans to launch an oil-backed cryptocurrency which they say will “completely destroy the Rothschilds.” President Nicolas Maduro said the launch of the cryptocurrency will compete against the dollar and will end the country’s dependence on the Rothschild-controlled IMF.

Venezuela is launching a cryptocurrency backed by oil, gas, gold and diamonds. President of Venezuela Nicolas Maduro announced on Sunday the launch of the “petro” backed by oil.

Venezuela launches oil cryptocurrency (BBC) Febru Azhar Razak Venezuela has launched a cryptocurrency in an attempt to bypass tough economic sanctions imposed by the US government. The “Petro” is intended to bolster the country’s crumbling economy, which has been suffering from hyperinflation and devaluation for years. · What is Venezuela’s new petro cryptocurrency? Venezuela launches the pre-sale of a new commodity-backed digital currency. We explain how it will work. Since last year, Venezuela has been in the news as its president made public the nation’s intention to revive its economy by launching a cryptocurrency backed by Venezuela crude oil.

Venezuela is a member of the Organization of the Petroleum Exporting Countries (OPEC), but the oil-rich country is actually having a hard time surviving. · In his weekly televised address, Maduro said that “Venezuela will create a cryptocurrency” backed by oil, gas, gold and diamond reserves, that would allow the troubled country “to advance in issues of monetary sovereignty, to make financial transactions and.

· 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. Venezuela To Launch Oil Based Cryptocurrency 'Petro' Mad About Money | January Due to the collapsed economy, the President of Venezuela, Nicolas Maduro declared the initiation of “Petro”, a digital form of currency backed by oil reserves.

Looking into the domain of digitalized currency, this was announced to get around the US led.

Venezuela to launch oil-backed cryptocurrency

· [+] Aissami (left) next to Venezuela's Minister of Science, Technology and University Education Hugbel Roa (right) during a press conference to launch to the market a new oil-backed cryptocurrency. · Venezuela Has Officially Launched Its Cryptocurrency Oil.

Venezuela Launches El Petro Oil-Backed Cryptocurrency ...

Venezuela has officially launched what its President Nicolas Maduro says is the first government-backed digital currency “El Petro”, which experts and analysts consider as not that other as fraud and another attempt to circumvent sanctions and to disguise the failure to rebuild the ailing domestic economy.

This week, Venezuelan president Nicolas Maduro gave a televised speech to announce the official launch of the “Petro,” which is the first government issued cryptocurrency in the world.

Venezuela launches oil cryptocurrency

Maduro said that the official public sale will start on November 5th, but. · Venezuela Launches Oil-Backed Cryptocurrency Trump Bans Venezuela's New National Cryptocurrency. Small Leak Discovered on Russian Side of International Space Station, NASA Says.

Venezuela launches oil cryptocurrency

This discussion has been archived. No new comments can be posted. In 5/5(). Caracas, Venezuela: Crisis-ridden Venezuela is launching an oil-backed cryptocurrency on Tuesday that it hopes will help circumvent US financial sanctions and resurrect the country's moribund eyga.xn----8sbelb9aup5ak9a.xn--p1ai: Rachelle Krygier.

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