Venezuela and Russia Discuss Mutual Trades in Petro and Russian Ruble: Report

Venezuela is considering to close mutual trade settlements with Russia using the ruble, Russian government-backed TV channel RT reports on May 17. Jorge Valero. Venezuela’s representative to the United Nations in Geneva said they are also discussing uses for the state-owned Petro (PTR) cryptocurrency. Valero reportedly revealed that Venezuelan authorities are now working with Russia to find opportunities for eliminating the use of the United States dollar in trade deals between the two countries. As such, the two countries’ authorities are purportedly mulling the use of the Russian ruble, as…

US Sanctions Moscow-Based Bank Accused of Financing Venezuela’s Controversial Petro

The United States Treasury Department has added Moscow-based bank Evrofinance Mosnarbank to its sanctions list, alleging it was the “primary international financial institution willing to finance” Venezuela’s controversial national oil-backed cryptocurrency, Petro (PTR). The news was announced in an official Treasury press release published on March 11. In its statement, the Treasury accused Evrofinance — which is reportedly jointly owned by Russian and Venezuelan state-owned companies — of materially assisting efforts to launch the cryptocurrency, which it characterized as a “failed” project: “When the failed Venezuelan cryptocurrency, called the Petro,…

How Maduro’s Petro Plan Failed to Bail Out the Country

Venezuelan leader Nicolas Maduro was sworn in for a second term on Jan. 10, amid tremendous hyperinflation, long-lasting political and economic crisis, and strict sanctions imposed by its former partner and oil purchaser: the United States. Since Maduro first took office in 2013, Venezuela has faced several brutal riots, including the “Mother of All Marches” in 2017 and the Caracas helicopter attack in the same year,  and the current crisis is very likely to be the last for the regime. We decided to look into the last six years for…

First Bitcoin ATM Incoming amid Failing Economy and Sullen Petro

In a country that many believe proves how fiat currencies can destroy an entire country’s infrastructure and economy, the first Bitcoin ATM in Venezuela will finally be installed, about two weeks from January 20, 2019. A Never-Ending Economic Crisis Venezuela actually tops the misery index thanks to the ongoing economic crisis in the country since 2013. There are all sorts of factors that have contributed to the situation, and the country’s currency is hyperinflating at an alarming rate. The economic issues affecting the country have officially turned into a humanitarian…

Venezuelan WTO Request Accuses US of ‘Discriminatory Measures’ Against Petro Coin

Venezuela has taken issue with United States sanctions, including those levied against transactions in the country’s national digital currency, the Petro (PTR), according to a World Trade Organization (WTO) consultation request, published Jan. 8. The request, dubbed “United States — Measures relating to trade in goods and services,” was originally filed on Dec. 28. In the document, the delegation of the Bolivarian Republic of Venezuela requests consultations with the U.S. government regarding “certain measures imposed by the United States in relation to trade in goods and services.” In particular, the…

No One Knows What Venezuela’s Petro Cryptocurrency is Actually Worth

The value of Venezuela’s oil-backed cryptocurrency, the petro, is seemingly currently unclear, and even taking a look at official government sources yields inconclusive results, given substantial price differences. The petro, announced in December of 2017 as a tool for the South American nation to combat international sanctions, has been a controversial currency so far. Supposedly, the government has pegged its fiat currency — the sovereign bolivar — to the petro and started using it to send pensioners payments. Each petro is purported to be backed by one barrel of oil. A…

No One Knows What Venezuela’s Petro Cryptocurrency is Actually Worth

The value of Venezuela’s oil-backed cryptocurrency, the petro, is seemingly currently unclear, and even taking a look at official government sources yields inconclusive results, given substantial price differences. The petro, announced in December of 2017 as a tool for the South American nation to combat international sanctions, has been a controversial currency so far. Supposedly, the government has pegged its fiat currency — the sovereign bolivar — to the petro and started using it to send pensioners payments. Each petro is purported to be backed by one barrel of oil. A…

Venezuelan Government Forcing Petro Down the Pensioners’ Throats

The Government of Venezuela is reportedly taking pensioners’ bolivars from their accounts and replacing them with their cryptocurrency, the Petro. According to Caracas Chronicles, the elderly residents recently received their monthly pensions in Venezuela’s official currency. Their wallet service, dubbed as Motherland, sent a notification that their accounts were credited with 1,800 Bolivars. However, the pensioners received another similar information from Motherland on the same day, stating that their account was now credited with the Petro. Notably, the government took out pensioners’ Bolivars without their consent, repackaged it into Petro,…

Venezuelan Government Forcing Petro Down the Pensioners’ Throats

The Government of Venezuela is reportedly taking pensioners’ bolivars from their accounts and replacing them with their cryptocurrency, the Petro. According to Caracas Chronicles, the elderly residents recently received their monthly pensions in Venezuela’s official currency. Their wallet service, dubbed as Motherland, sent a notification that their accounts were credited with 1,800 Bolivars. However, the pensioners received another similar information from Motherland on the same day, stating that their account was now credited with the Petro. Notably, the government took out pensioners’ Bolivars without their consent, repackaged it into Petro,…

Venezuela Starts Converting Pensioners’ Payments to Crypto ‘Petro’: Report

The government of Venezuela has reportedly started converting pensioners’ monthly payments from the country’s fiat currency, the bolivar, to its oil-backed cryptocurrency Petro, without giving them a choice. According to the Caracas Chronicles, a politics and economics-focused website based in Venezuela, the country’s pensioners are notified every time their monthly payments arrive, but this time received a second notification informing them the funds were “for the concept of Savings in Petro.” Per the website, pensioners have started depending on government bonuses after years of hyperinflation saw their savings become worthless.…