Sentences with phrase «venezuelan petro»

Backers of the petro could be viewed as extending a line of credit to the Venezuelan government, said a spokesperson who went on to state, «The Venezuelan petro currency could therefore expose US persons to legal risk.»

The guidance occurred on the same day that President Trump issued an executive order sanctioning the Venezuelan petro cryptocurrency.

Not exact matches

Caracas said that each unit of the petro is pegged to the price of one barrel of Venezuelan oil.

Each unit of the petro is pegged to the price of one barrel of Venezuelan oil, according to Caracas.

According to a recording posted on Twitter by television network VTV, Venezuelan President Nicolas Maduro has ordered several state - owned companies to convert a percentage of their sales and purchases into the petro.

Prominent figures of other governments, including those of Russia, Israel, China, and Venezuela, have floated the idea of a national digital currency, though some Venezuelan parliamentarians have opposed the «petro's» issuance.

Today's executive order almost explicitly targets the petro, an oil - backed cryptocurrency tied to Petróleos de Venezuela, S.A. (PDVSA), a Venezuelan state - owned oil and natural gas company.

Cryptocurrencies have become so fashionable that even President Nicolas Maduro has proposed a government - backed version called the petro, and members of his administration have met with Venezuelan bitcoin entrepreneurs to determine how it might work.

In January 2018, the opposition - led Venezuelan parliament invalidated the petro, calling it an illegal attempt to mortgage the country's oil reserves.

The petro is supposedly backed by Venezuelan crude, with one unit of the digital currency pegged to one barrel of oil.

The Venezuelan president also revealed authorities will create four special and exclusive economic zones to stimulate the circulation of the petro.

If a secondary market for the petro arises (assuming it launches successfully, which seems quite unlikely), Venezuelans could conceivably purchase petros using bolivars.

His plan is to set the value of the petro at one barrel of Venezuelan crude oil.

Especially given the Venezuelan government's track record with its paper currency, trusting the government not to do something fishy with the petro might not be wise.

Venezuelan President Nicolas Maduro plans to follow through with his new national digital currency, the petro, by issuing 100 million units of the new currency.

However, petro could prove a much - needed solution as the Venezuelan fiat currency, the bolivar, has been in turmoil for quite some time now, as the country grows more desperate to fulfill their citizens» basic needs.

A Reddit post from roughly two weeks ago claimed to include a link to the petro's white paper, and the document itself - unconfirmed by the Venezuelan government as of yet - appears to be hosted on the government's official website.

While the South American nation did not confirm exactly what this false information constitutes, the superintendent of Venezuelan Cryptoassets and Related Activities - recently created to oversee the work, which was first announced last month - told Reuters that the government was rejecting a white paper which purported to explain how the petro worked.

The white paper for the petro has not been released yet, he said, but Venezuelan President Nicolas Maduro will do so «soon.»

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.

A Russian fintech news website reported recently that a company called Aero Trading won a contract from the Venezuelan government to build the petro on the NEM blockchain and market the token internationally.

But exchanges outside the United States should realize that if they offer the petro, they will have to be careful to ensure Americans on their platforms do not purchase the token, which would be a blatant violation of U.S. sanctions by providing funding to the Venezuelan government.

Then the ICO carries on for an indefinite period until the Venezuelan government has sold the 100m Petros it is aiming for.

On Wednesday, the news outlet reported that the Venezuelan government has set the minimum investment at 1,000 euros (~ USD$ 1,234) for the petro.

Auction / bcv / Bitcoin / capital / Central Bank / crypto / Cryptocurrency / DICOM / Digital Currency / Dollars / el petro / Foreign exchange / fx / illegal / N - Featured / national cryptocurrency / News / Nicolas Maduro / oil backed / petro / platform / system / Venezuela / venezuelan / virtual currency

ban / Banknotes / Bitcoin / Bolivar / Coins / Devaluation / emission / Ethereum / Euro / inflation / Karakas / Maduro / N - Economy / NEM / News / Nicolas Maduro / petro / ruble / rubles / russia / russian / Trump / Turkish Lira / US / Venezuela / venezuelan / yuan

The Venezuelan state - backed cryptocurrency, petro, is being considered by Russia to be used for international transactions, according to the Venezuelan minister of foreign trade, Jose Vielma Mora.

Bitcoin / Cryptocurrency / Digital Currency / el petro / Featured / miner / Mining / N - Economy / Nicolas Maduro / OIL / payment / petro / petro container / savings banks / Union / Venezuela / venezuelan / virtual currency / Workers

Some Venezuelans on Twitter have used the hashtag, «#AlFuturoConElPetro,» [the future with the petro], to support the release of the coin.

This announcement from Bitfinex comes less than a week after the Nicolas Maduro, the Venezuelan president went on air to announce the availability of the petro token for purchase with foreign fiat currency including the euro, Yuan, Turkish liras, and rubles.

MEXICO CITY (Sputnik)- Venezuelan President Nicolas Maduro said the nation's new digital currency called petro will be traded for rubles, liras, yuan and euros starting Friday.

Perhaps the most contentious of recent ICOs has been that of the Venezuelan government's «petro» cryptocurrency that President Nicholas Maduro claimed has raised US $ 5 billion.