Venezuela Government starts using Bitcoin in Airports to Avoid US Sanctions
Venezuela's Government is reported to use Bitcoin instead of its own Crypto Pedro on Airports to avoid US Sanctions
- Nilesh Maurya
- Jul 26, 2019
- Apr 25, 2024
Venezuela's Government is reported to use Bitcoin instead of its own Crypto Pedro on Airports to avoid US Sanctions
Cuba might be the newest country Studying Cryptocurrency to Avoid US Sanctions
Venezuela has been one of the many countries to be negatively impacted with the insane inflation of their local currency.
Amidst economic and political turmoil, Venezuela created history by becoming the first country to accept cryptocurrency payments for retail transactions.
The Supreme Court of Venezuela has accepted the Petro's status as a national currency, ordering a government entity to pay compensation in Petro.
Dash surged by 13% following USDT falling by 4%. Dash also launched the Dash Text service in Venezuela, users can send cryptocurrency via text messaging!
Nicolás Maduro, the president of Venezuela said the plan would involve devaluing the bolivar from 285,000 per dollar to 6 million – a drop of 96 percent.
Last month, Venezuela offered India a discount on crude oil if the country pays them in Petro cryptocurrency. However, India has declined Venezuela’s offer.
Attempting to increase the adoption of their Petro cryptocurrency, Venezuela has offered 30% discount on crude oil to India if payments are made using Petro.
Venezuela’s state-created petrol-backed cryptocurrency, Petro, is all set to go on pre-sale starting tomorrow, the 20th of February.
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