Venezuela

Venezuela has turned to crypto as channels like banks and Western Union/Moneygram impose high fees, and Dogecoin is emerging as one of the market leaders in the South American nation. With the Venezuelan economy going through one of its worst crises, citizens rely on migrant workers’ remittances, and Doge’s low fees and fast transactions make it ideal. Dogecoin has been steadily moving away from the “just a memecoin” brand as its real-world use cases continue to expand. Its latest field…

Industry voices claim that Bhutan, Venezuela, and Iran’s central banks are acquiring Bitcoin. Larger and more influential central banks are expected to follow soon. Industry voices claim that the Central Banks of Bhutan, Venezuela, and Iran are acquiring Bitcoin. The revelations were made during a conversation with Fred Krueger, where it was noted that those countries are currently involved in Bitcoin acquisition. In a recent tweet, David Bailey, CEO of Bitcoin Magazine, expressed optimism that larger central banks would soon…

Venezuelan authorities raided two Bitcoin mining farms, seizing approximately 6,288 rigs in Portuguesa and Cojedes states. Operations included police and military, dismantling infrastructure and seizing essential equipment like cooling fans and mining machines. In Venezuela, authorities recently raided two Bitcoin mining farms located in the central states of Portuguesa and Cojedes, resulting in the seizure of approximately 6,288 mining rigs. These actions are part of an ongoing effort by the government to disconnect mining operations from the National Electrical System…

Venezuela’s National Power Ministry has cracked down on Bitcoin mining farms, disconnecting them from the country’s electricity grid and seizing over 11,000 Bitcoin miners. The crackdown is part of the Venezuelan government’s efforts to reduce the power consumption of Bitcoin mining farms, which have been siphoning energy from the country’s power grid.  Venezuelan Authorities Crack Down On Crypto Mining  According to the country’s power ministry, it was executing an operation to supervise the activities of high-powered customers connected to the…

Venezuela’s state-owned oil and gas company PDVSA is reportedly planning to speed up its use of crypto, particularly USDT, the largest stablecoin by market capitalization, to circumvent US sanctions. The Venezuelan oil company gradually started integrating USDT for oil sales in 2023, and reportedly has a new policy in place mandating new customers to have a digital wallet holding cryptocurrency. Venezuela Turning to USDT for Oil Exports According to Reuters, PDVSA’s intention to accelerate USDT usage for crude and fuel…

In a move that highlights the importance of digital currencies going forward, Venezuela pegged its minimum wage to its own state crypto. On Friday, Venezuelan President Nicolas Maduro announced pegging the value of minimum wage to half a Petro, its state-sanctioned digital currency. Although authorities modeled it on the Bitcoin fork Dash, Petro (PTR) is centralized around government issuance. That makes it more like a Central Bank Digital Currency (CBDC) than crypto. Half a petro worth roughly 126 bolivars or…

Venezuelan President Nicolas Maduro suggested the creation of a national cryptocurrency in 2017. Officials claim that the country's oil, gas, and mineral riches back its value. However, today, Petro seems to fail fulfilling its purpose of rescuing the national economy. Some foreign observers believe the Petro digital currency is a trick to circumvent international restrictions. These sanctions prevent Venezuela from borrowing cash on global markets. This article will provide an analysis of the creation of this national cryptocurrency. Furthermore, we…

Venezuela has increased measures to utilize cryptocurrency payments for cross border payments as it looks to reduce the effect of U.S sanctions. This renewed effort is driven by the new anti-social law introduced by Venezuelan President Nicolas Maduro in September. The anti-sanction law gives the executive power to authorize the creation and implementation of any financial mechanism. This has been put into effect with the South American nation paying allied countries like Iran and Turkey in Bitcoin. Maduro is also…

Venezuela’s failing economy has often barred the country from the global financial system. Over the last few years, President Maduro has been turning to cryptocurrency to savor the failing economy.  The South American country has been at the forefront of cryptocurrency adoption, with several projects in play. The recent move by the government is accepting bitcoin for passport payments.  The news hit the country by storm after a twitter user put out a screenshot of the government website, showing cryptocurrency…