Petro

Venezuela’s Maduro Announces 18-Fold Increase to Minimum Wage, Pegged to Official Cryptocurrency

According to a Bloomberg report, Venezuela President Nicolas Maduro announced a 18-fold increase in Venezuela’s monthly minimum wage to roughly 126 bolivars ($28) by pegging it to the value of half a petro, the government’s cryptocurrency being the petro (PTR).

By CoinDesk Staff

Mar 4, 2022 at 8:36 p.m. UTC

Mar 4, 2022

cdtvHash clipVenezuelaNicolas MaduroPetroPTRbolivar

Petro poster on a building (CoinDesk archives)

Markets

Venezuela

Venezuela Pegs Minimum Wages to National Cryptocurrency: Report

The Venezuelan national cryptocurrency is based on the DASH blockchain, and has many characteristics of a CBDC.

By Sam Reynolds

Mar 4, 2022 at 6:54 a.m. UTC

Mar 4, 2022

VenezuelaPetro

Markets

Crime

US Offers $5M Bounty for Arrest of Venezuela's Crypto Chief

The head of Venezuela's state-backed petro cryptocurrency has been added to the U.S Immigration and Customs Enforcement's Most Wanted list.

By Paddy Baker

Jun 2, 2020 at 2:56 p.m. UTC

Jun 2, 2020

CrimeVenezuelaUS GovernmentHomeland SecurityPetro

U.S. officials allege Venezuelan President Nicolas Maduro operated a drug smuggling over the past 20 years. (Credit: Shutterstock / StringerAL)

Markets

Crime

US Says Venezuelan President Maduro Hid Massive Drug Ring Proceeds in Crypto

Nicolas Maduro and his crypto supervisor were two of the Venezuelan officials indicted Thursday on claims they used crypto to conceal the profits from drug running.

By Danny Nelson

Mar 26, 2020 at 4:39 p.m. UTC

Mar 26, 2020

CrimeVenezuelaDepartment of JusticePetroNicolas Maduro

Markets

Cryptocurrency

Venezuela's Maduro: Airlines Must Use Petros to Pay for Fuel

The state oil company will only accept petro for airplane fuel, per a new decree from Venezuela's president.

By Paddy Baker

Jan 15, 2020 at 10:27 p.m. UTC

Jan 15, 2020

CryptocurrencyVenezuelaAirlinesPetroNicolas MaduroFuel

Markets

Derivatives

Authoritarian Airdrop: Maduro 'Gifts' Petros to Venezuelans for Christmas

Discussing new trials of an LN point-of-sale app; updates in consumer & institutional crypto derivatives, and Venezuelan petros as holiday bonuses.

By Nathaniel Whittemore

Dec 16, 2019 at 9:13 p.m. UTC

Dec 16, 2019

DerivativesVenezuelaLightning NetworkPetroMaduroErisXPodcastsCoinFLEXThe Breakdown

Policy

Venezuela

Venezuela's Maduro Says He Will Airdrop Half a Petro Each to Public Employees, Retirees

Venezuelans including public sector workers, retirees and the military are set to receive a petro token handout this Christmas, so long as they register for the state's crypto payments platform.

By Paddy Baker

Dec 16, 2019 at 2:10 p.m. UTC

Dec 16, 2019

VenezuelaAirdropsPetroNicolas Maduro