Soaring Inflation Sends Bitcoin Trading Volume to New High in Venezuela

The amount of Venezuelan bolivars being spent to purchase bitcoin has risen to record levels as the South American country experiences unprecedented hyperinflation and a worsening economic crisis. Per Coin Dance, bitcoins worth nearly 900 million bolivars have been traded so far this week in Venezuela, and this is already higher than last’s week volume …

Venezuelans Must Pay Passport Fees with Petro Cryptocurrency: Govt.

Starting next week, Venezuelans will have to pay their passport fees with the petro, the controversial state-supported cryptocurrency that is allegedly backed by oil. This was announced in a press conference on Friday, Oct. 5, by the country’s vice president, Delcy Rodriguez, ahead of the coin’s official launch in November. This follows a similar press …

Venezuela to Launch Petro-Pegged Fiat Currency Next Month

Venezuela, a country battling one of the deepest economic recessions on record, is set to launch a new fiat currency pegged to its oil-backed “petro” cryptocurrency next month, according to President Nicolas Maduro. Venezuela to Create Fiat Currency Pegged to Cryptocurrency That is Pegged to Oil As reported by local news outlet Telesur, Maduro said …

Coinbase Additions, Enterprise Patents, and Massive Hacks: This Week in Crypto

Make sure you check out our previous edition here, now let’s go over what happened in crypto this week. Also, make sure you subscribe for this weeks edition of The Bitcoin Podcast by CCN on iTunes or wherever you get your podcasts. Price Watch: Bitcoin fell nearly 8% this week after jumping above $6,800 early this week. The market …

Venezuela to Launch Petro-funded Youth Bank, Maduro Claims

Join our community of 10 000 traders on Hacked.com for just $39 per month. Venezuela will open a youth bank funded by the government’s state-backed petro cryptocurrency, the country’s president said on Thursday. Nicolas Maduro announced the initiative during a youth rally held in the state of Aragua, and regional news outlet Telesur reports that …

Bolivar to Bitcoin Trading Surpasses a Record $1 Million per Day

Join our community of 10 000 traders on Hacked.com for just $39 per month. Venezuela’s economic situation has been steadily declining in the past few years, bringing Venezuelans to turn to cryptocurrencies. According to VeneBloc data, the bolivar-to-bitcoin market recently reached a new record, as the equivalent of $1.009 million in bolivars were exchanged for …