MIT Technology Review published an article, providing an overview of the recent history of blockchain and explaining why it will start to become mundane in 2019.
In 2019, Venezuela will start selling oil in exchange for Petros and bypass US-imposed sanctions.
A new initiative of Venezuela aimed at boosting Petro adoption presupposes making it the main digital currency backed by oil.
Effective from November 1, the cost of issuing new passports is 2 Petros while that for the extension will be 1 Petro, said Venezuelan vice president Delcy Rodriguez
Venezuelan president Nicolas Maduro officially announced the public sale of the controversial national cryptocurrency Petro, which is set on November 5.
Report suggests that there is no circulation of Petro inside or outside of Venezuela and all the hype relating to it is just a big bubble that can burst anytime.
Venezuelan President Nicolas Maduro ordered banks to adopt the Petro, the Maduro government-launched cryptocurrency, as a unit of account and use this cryptocurrency in all financial reports.
The new app launched by Venezuela’s central bank will convert the old fiat currency Bolivar to new Petro pegged Bolivar Soberano by takes five zeros away from the Bolivar.
As per the new guidelines from President Maduro, Bolivar has been devalued by 96%. While as inflation reach record-high, Venezuelan citizens express concerns and shift towards adopting digital assets.
Petro cryptocurrency is to receive an official status of the Venezuelan second official currency, which is believed to be a tool for overcoming economic difficulties.