Jul 28, 2019 at 12:44
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.
Jul 06, 2019 at 12:02
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.
Mar 27, 2019 at 10:35
Political Turmoil Sees Venezuelans Store Wealth in Crypto
The Bolivarian Republic of Venezuela, one of the most oil-rich countries in South America and the world at large, is still experiencing political instabilities and this has led its economy to stagnate. The traditional (fiat) currency bolivar has lost value due to the hyperinflation that hit the country, this has forced its citizens to massively store their wealth in crypto currencies such as petro, Bitcoin, Ethereum, Ripple and others.
Cryptocurrency Payments in Venezuela Subject to 15% Commission
The authority responsible for the regulation of the blockchain and cryptocurrency industry, known as the National Superintendence of Cryptos Related Activities of Venezuela, SUNACRIP, recently released regulations dealing with the sending and receiving of remittances in digital currency friendly nations within the South American continent. The authoritative instrument was publicly published in the Official Gazette 41,581 on Feb 7 this year, DiarioBitcoin reports.