Sentences with phrase «venezuelan currency»

The conceit is this: on the first day, a gallery representative would be selling editions of a Calero work from behind the stand — the work is a stack of paper the size of cash Bolivars, the Venezuelan currency — that on the first day would cost one Swiss Franc, but would increase in price as the fair went on.

From a historical performance at Luxembourg & Dayan involving a violinist and a ballerina, to an immersive installation at Laura Bartlett that appropriates the interior of a Venezuelan currency exchange, to a stunning pairing of works by Pia Camil and James Turrell at OMR, this year's Art Basel has something for everyone.

Sol Calero has dropped a Venezuelan currency exchange in the Statements sector — and good luck passing by the installation without stopping to take a seat in a tropical, fruit - covered chair.

Chrysler also attributed a decline in its modified operating profit, which was $ 586 million, to the high costs of launching several new vehicles, increased advertising costs for those vehicles, and the impacts of higher foreign exchange rates — notably costs incurred in South America due to the devaluation of Venezuelan currency.

The company was hit, for example, by the Venezuelan currency devaluation last year.

Ford, for example, warned last month of the potential impact from an expected Venezuelan currency devaluation in 2014.

The backing might counteract the sort of hyperinflation that the real Venezuelan currency, the bolívar, has experienced in recent years because of the government's unbridled expansion of the money supply.

Not exact matches

«Available information indicates that, once issued, the Petro digital currency would appear to be an extension of credit to the Venezuelan government,» the Treasury department said in a statement to Reuters.

The Treasury Department warned investors in January to steer clear of the digital currency, calling it «another attempt to prop up the Maduro regime, while further looting the resources of the Venezuelan people.»

Venezuela's offering accepted transactions in U.S. dollars and euros, meaning that Venezuelan citizens are forbidden from participating given a ban on buying foreign currency.

With inflation believed to be in triple digits, vast lines outside supermarkets owing to shortages of basic goods and an 80 % collapse of the currency on the black market, it was the economy that turned Venezuelans away from the government.

Thanks to their country's managed currency rates, Venezuelans are now pulling off epic scams as the value of the dollar spikes against the bolivar on the black market, Reuters» Girish Gupta and Andrew Cawthorne report.

The creator of zcash has partnered with a startup called AirTM to help Venezuelans turn their inflated local currency into U.S. dollars, undetected.

People waiting outside a bank in Caracas, Venezuela, last month to exchange the Venezuelan bolívar for a new local currency.

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.

That's because Bitcoin and other virtual currencies are decentralized systems with no one in charge, while the Russian and Venezuelan plans would give the leaders of both countries a measure of control over the new currencies.

The Venezuelan government has not been nearly as welcoming of this type of virtual currency activity.

Venezuelan officials have plans to go a step further with a virtual currency in order to circumvent American sanctions.

On March 19, 2018, President Donald Trump signed an executive order barring American citizens and residents from undertaking transactions in or investing in digital currencies or tokens tied to the Venezuelan government which were issued on or after January 9, 2018.

Both poor Venezuelan retirees and wealthy business leaders are converting their bolivars into bitcoins online and then using the digital currency to pay for everything from doctor appointments and honeymoons to motorcycles and artisanal beer.

Dollars remain the go - to currency for many Venezuelans seeking to get rid of bolivars, but getting ahold of them can be difficult and generally requires a black market broker.

In Venezuela, the so - called «crisis currency» is allowing desperate Venezuelans to make potentially life - saving purchases.

Venezuelans with bitcoin can sell their digital currency on one of a half - dozen virtual exchanges filled with compatriots looking to buy bitcoin.

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.»

Rest of World net sales were $ 798 million, down 15.6 percent versus pro forma net sales for the year - ago period, due to a negative 26.0 percentage point impact from currency, including a negative 17.0 percentage point impact from the devaluation of the Venezuelan bolivar in June 2015.

It has also partnered with a Venezuelan - based digital currency exchange to help boost its use as an everyday currency — while Venezuela's national currency continues to lose value.

Despite clear opposition from various countries, the Venezuelan governments want to improve the widespread use of this currency.

In an exclusive statement to Reuters, the Treasury said: «Available information indicates that, once issued, the Petro digital currency would appear to be an extension of credit to the Venezuelan government.»

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

The Venezuelan government has hopes that the new currency will rejuvenate the country's ailing economy, which is on track to hit 4,000 percent inflation before year's end.

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82.4 million Petro are already available for purchase for fiat currencies and top cryptocurrencies, although not for Venezuelan Bolivars.

Citi is planning to shut down the Venezuelan government's foreign currency accounts, according to Venezuelan President Nicolas Maduro.

Currently, the price of a barrel of Venezuelan oil is just under $ 60, which would mean a currency issuance of just under $ 6 billion.

And more recently, reports have emerged that amid the crisis, Venezuelans are increasingly capitalising on heavily subsidised electricity costs in the country to mine bitcoin — that is, the process of validating new transactions onto bitcoin's public ledger (the blockchain), which is then rewarded with the receipt of newly minted digital currency.

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.

El Petro, the Venezuelan cryptocurrency, can now be purchased with Russian rubles, among other fiat currencies, President Nicolás Maduro announced.

This has led to hyperinflation in some instances and destroyed the value of several countries» currency, including the Zimbabwean dollar and, more recently, the Venezuelan bolivar.

US imposes sanctions targeting digital currencies issued by the Venezuelan government and designates more Venezuelan officials

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.

Venezuelan citizens have been increasingly drawn to the benefits of Bitcoin in recent years due to the country's currency control policies.

Mercury Cash CEO Victor Romero agreed with this analysis: «Because we come from Venezuela, we think people in our country are more likely to have their money in other assets rather than in Venezuelan fiat currency.

The Venezuelan Petro's alleged astronomical success could be under threat as US President Trump puts plans in process to prohibit American citizens from purchasing the digital currency.

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.

As the country's fiat currency, the Venezuelan Bolivar, continues to be subject to severe hyperinflation, Venezuelan citizens have been turning to bitcoin for some economic stability.

One could imagine, in theory, that an anonymous currency could help citizens get around economic sanctions and avoid the rapidly depreciating Venezuelan bolivar.

A government - backed, oil - pegged, cryptocurrency that would aid the ailing Venezuelan nation in their time of crisis with a hyper - inflated currency.

Starting on March 19, the US government has «prohibited U.S. persons from all transactions related to, provision of financing for, and other dealings in, any digital currency, digital coin, or digital token issued by, for, or on behalf of» the Venezuelan government, Bitfinex detailed.

However, I nixed that in favor of my second favorite passage: Ely's conclusion (also edited) where he promises that» [U.S. Dollars and Venezuelan Bolivars] and the like will quickly fade into financial history, just as tulipmania [and the German mark, the Argentinian peso and the Zimbabwean dollar] did, serving solely to remind future generations of the folly of gambling on illusions of value [like fiat currency].»