Venezuela, the country that currently suffers from hyperinflation, is reportedly taking steps to adopt cryptocurrencies. The information was highlighted through a tweet from @PattyLaya, which translated to, “Exclusive: Venezuela is conducting internal tests to determine if it can save cryptocurrencies in the central bank’s reserves, helping PDVSA download recent payments in Bitcoin and Ethereum” According […]
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Various reports reveal Venezuela’s central bank is allegedly contemplating hoarding a variety of cryptocurrencies like BTC within its internal reserves. The state-operated gas company Petroleos de Venezuela SA (PDVSA) has asked to send BTC and ETH payments to Banco Central de Venezuela’s (BCV) vaults to pay for oil and gas operations.
When it comes to cryptocurrencies, no stone should be left unturned. That applies to both individuals and entire nations alike. Venezuela, a country known for its rather hostile approach to Bitcoin, might be on the brink of openly embracing the world’s leading cryptocurrency.
Venezuela has a stash of crypto's and it does not seem afraid to use them. The only problem is that the country does not seem completely sure about how to use them, also. As reported by Bloomberg, the central bank of Venezuela recently started tests in order to determine how to use it's cryptos to […]
Earlier today, news broke that the central bank of Venezula is in tests to see whether it would be advantageous for the institution to hold cryptocurrency reserves. The nation’s state-run oil company is also apparently attempting to send Bitcoin (BTC) and Ether (ETH) to pay suppliers via the central bank.
The central bank of Venezuela is reportedly looking into whether it can store cryptocurrencies in its coffers, Bloomberg reports citing four anonymous individuals close to the matter. According to the report the bank‘s investigation follows a request by Petroleos de Venezuela SA (PSDV) – the country’s state-owned oil and natural gas company – which is apparently looking to send Bitcoin and Ethereum to the central bank.
Bitcoin can be many things depending on the situation. For many it is a store of value, for some, it is a trading vehicle, but for Venezuelans, BTC is the most reliable hedge against the rampant hyperinflation the Latin nation is suffering.
New currency reforms in Venezuela accompanied a decisive surge in Bitcoin trading this week, with informal markets setting new all-time highs. Bitcoin Boom As Central Bank Re-adds Zeros Data from monitoring resource Coin Dance reveals that in the seven days ending June 15, Venezuelans transacted over 46 billion sovereign bolivars (VES) on P2P Bitcoin exchange Localbitcoins.
Venezuela and Russia are in talks to switch over to the ruble for trade after trying the ‘El Petro’ cryptocurrency, a UN ambassador has revealed. Venezuela and Russia ‘Currently Trying’ El Petro As Bitcoinist reported last December, Russian officials were introduced to El Petro but stopped short of confirming that it was going to be used.
Berkshire Hathaway Vice Chairman Charlie Munger says political leaders in the US and Europe should not push central banks to cut interest rates. “I am so afraid of a democracy getting the idea that you can just print money to solve all problems.
Eight tons of gold has been taken out of the vaults of Venezuela’s central bank as tightening sanctions push President Nicolas Maduro to take extraordinary measures to remain solvent. Per opposition legislator Angel Alvarado and anonymous government sources, the gold was removed from the central bank vaults last week.
Russia’s State Duma is planning to pass a resolution on a pending cryptocurrency regulation bill, reported a local source. Oleg Nikolayev, a member of the State Duma Committee on Economic Policy, said that the Russian assembly house had led cryptocurrency regulations to its final stages.
Earlier this year, in February, Venezuela has finally gone through with the launch of their national cryptocurrency, Petro. The coin was said to be the means of dealing with hyperinflation, as their native fiat currency, the bolivar, continues to lose its value almost constantly.
CBDCs, or Central Bank Digital Currencies, became one of the most-discussed topics in 2018. They came to be as Venezuela's attempt to fix its economy after inflation took place and left it in ruins.
As the CEO of Hut 8, one of North America’s largest cryptocurrency miners and the world’s largest publicly traded cryptocurrency miner, I’m often asked questions about energy consumption in the mining of cryptocurrency.
Whoever Satoshi Nakamoto is, he/she might be deserving of the Nobel Prize in economics for inventing Bitcoin (BTC), the nascent digital coin that is currently rescuing crypto-adopting Venezuelans from the abyss.
Digital currency is being adopted in several nations fighting economic distress as a means to avoid inflation. In fact, crypto evangelists cite examples of African communities and countries like Venezuela to describe how digital coins could provide security from central banks’ policies and subsequent inflation in times of crisis.
On August 26, 2018, the Jerusalem Post published an interesting story about the possibility of Israel adopting a state-backed cryptocurrency as Venezuela recently did, albeit for entirely different reasons.
In a bid to push its new digital currency, the Banco Central de Venezuela, the country’s central bank, has recently launched an Android app. The app, known as “Calculadora Soberana”, allows users to convert their old Bolivar to the newly coined Bolivar Soberano, which is pegged to the country’s controversial Petro cryptocurrency.
Hyperinflation in Venezuela is so bad, the nation’s Central Bank has released an Android app to help citizens calculate how many new sovereign bolivar units they possess. The release arrives after the national government re-denominated the old currency last week.
Thailand could be the next country to unveil a central bank backed cryptocurrency following the footsteps of Venezuela, Tunisia, and Senegal. According to a Tuesday press release, the Central bank of Thailand is well on track to complete the first phase of a proof-of-concept trial for the new digital currency and hopes that this will […]
The post A New Central Bank Digital Currency is Coming to Thailand appeared first on ZyCrypto.
President Nicolas Maduro of Venezuela has announced on August 14, 2018 that with effect from August 20, 2018, the petro cryptocurrency would officially become the second unit of account in the nation, as the central bank issued altcoin will be used extensively by state-owned oil firm, PDVSA and may also be used to pay workers’ salaries.
Venezuelan President Nicolas Maduro recently revealed that the nation’s oil-backed cryptocurrency, the petro, will be used as a unit of account by the state oil company PDVSA.
A member of the Venezuelan National Constituent Assembly has reportedly revealed that the assembly is preparing a reform to the country’s Constitution that includes a central bank for cryptocurrencies.
When it comes to cryptocurrency, it seems that there are always two sides of the (bit)coin. On the negative side, there’s everything that can go wrong.
The EU’s Policy Department for Economic, Scientific and Quality of Life Policies released a report entitled “Virtual currencies and central banks monetary policy: challenges ahead.
In today’s Bitcoin in Brief we mention some optimistic mid to long term predictions for crypto markets. And while decentralized currencies are hurting in a bearish month, the prospects for state-issued virtual money look even dimmer.
Key Takeaways
Why did Cardano fail to implement its liquidity boost plan?
The enactment window expired before the governance could act on it. Overall, it could derail DeFi activity.
How’s the AThe post What's the latest on the Cardano governance front? appeared first on AMBCrypto.
Key Takeaways
Which Layer 2 is leading the ecosystem right now?
Arbitrum dominates with higher transactions, active users, bridgers, and over $2. 7B in TVL.
Does Optimism still have a competitive The post Arbitrum vs.
Key Takeaways
Which DePIN project has the larger user base on Solana?
Helium, thanks to millions of migrated hotspots and strong Helium Mobile adoption.
Which project shows higher trading activitThe post Assessing Solana's DePIN ecosystem - Helium and Render appeared first on AMBCrypto.
Key Takeaways
What are the odds of SOL hitting $500 in 2026?
Only about 1%, per Deribit Options data — showing the market hasn’t priced in a potential 3x move yet.
How much inflow could SOLThe post Could Solana ETFs drive altcoin's price to $500 in 2026? appeared first on AMBCrypto.
Key Takeaways
What’s driving Ethereum’s staking growth heading into 2026?
Innovations like liquid restaking and ETF staking are attracting more validators and institutional capital.
How couThe post Ethereum's liquid staking update - What should you expect in 2026? appeared first on AMBCrypto.
Key Takeaways
How has Ripple grown this year?
It has expanded its stablecoin offering, rolled out custody, and established a brokerage unit.
Is growth visible for the XRP token?
No, the altcoin The post Institutional interest in XRP grows? Analyzing recent custody and fund mentions appeared first on AMBCrypto.
Key Takeaways
When did the court make its ruling?
In July 2023, Judge Analisa Torres ruled that XRP is not a security in retail trading but is a security in institutional sales.
What penalty did RiThe post SEC vs.