Search results for venezuela

Venezuela officially launched a complaint with the World Trade Organisation (WTO) on Tuesday, January 8, 2019, arguing that the current United States (U.S) sanctions on the nation violate a series of WTO rules and regulations.

Venezuela, a nation fighting one of the largest economic recessions, is ready to launch a fresh fiat currency linked to its oil-backed 'petro' virtual currency in October, according to what President Nicolas Maduro has said.

Venezuela, a country in South America, is supposedly considering the launch of a central bank for cryptos, with the country's National Constituent Assembly working to amend the national constitution to include it, together with a court above its Supreme Court.

Venezuela plans on issuing a government-backed cryptocurrency called “petro”. The currency will be the first digital money actually backed by resources such as gold, oil, gas or diamonds.

Four people have been arrested in Venezuela for using the country’s electricity illegally by mining Bitcoins. Bitcoin mining is a very power-intensive activity consuming many units of electricity a day. Implying that if unpaid electricity is used, within just a few weeks, millions of dollars in power revenue could be lost.

Venezuela has an unstable economy and its currency has been hit by inflation beyond 1000%. Destinia, a Venezuelan online travel agency, will now only accept Bitcoin for payment for its services citing “increasing restrictions” and economic woes in the country.