Venezuela Turns Tax Revenues into Bitcoin to Bypass Sanctions
The government of Venezuela has allegedly been spinning airport tax revenues into Bitcoin (BTC) and virtual currency to sidestep international sanctions. From the research made by a Spanish newspaper ABC, the President of Venezuela Nicolas Maduro plus his working admin are allegedly exploiting a virtual currency wallet application to spin tax revenue into popular digital assets, and then traded on cryptocurrency exchanges in different countries including China, Iran, Hungary, Russia, etc.
Nicolas Maduro Forces Banco de Venezuela to Accept Petro
President Nicolas Maduro of Venezuela, issued an order to Banco de Venezuela (BDV), a global financial institution based in Caracas, to begin accepting the Petro (PTR), the country’s popular oil-backed digital currency. Through the Minister of Finance, the President told the country’s third market leader with a market share for deposits of more than 11.2%, to begin allowing Petro cryptocurrency in all of its functioning branches.
Petro & Oil Reserves Supporting It Perhaps Don't Exist, Report Shows
A month down the road since Nicolas Maduro, the Venezuelan president, proclaimed the formation of the Petro, a state-backed crypto which would allegedly take the nation out of six-digit hyperinflation, the only place where the Petro crypto appears to exist is in the media.
16 Cryptocurrency Exchanges have Obtained a License in Venezuela
As the pre-sale period for the country’s digital currency Petro finished, the President of Venezuela, Nicolas Maduro has announced the project collected more than 3 billion dollars. He has also certified 16 crypto exchanges, hoping they will add the Petro to their trading lists.
Venezuelan Cryptocurrency Petro Banned by Trump Executive Order
On Monday, March 20, the White House released a new cryptocurrency trading ban, signed by the President of the United States, Donald Trump, on the Venezuelan state-issued digital currency, the Petro. The document includes a list of sanctions against Venezuela that are presently active.
Venezuela Launches Official Cryptocurrency to Boost Its Economy
Starting February 20 Venezuela launches its own cryptocurrency called Petro and ICO. President of the country Nicolas Maduro brought the launch of the Petro to public notice in December. Maduro announced that each unit of the Petro currency’s value will be backed by one barrel of the oil-rich nation’s petroleum.