Venezuela's president is ordering the use of the petro in international trade, despite doubts the token will be widely accepted.
The petro cryptocurrency may be one of the most ill-conceived blockchain projects. But it just might speak to exactly why the tech is gravely needed.
Venezuelan banks have been ordered to use the petro, the Maduro government-launched cryptocurrency, as a unit of account.
Venezuela is set to begin using its "petro" cryptocurrency as an official accounting unit, according to the country's president.
Venezuela is replacing its national currency, the bolivar, with a new one that will reportedly be tied to its controversial "petro" token.
Venezuela is reportedly launching a youth bank to be funded by the state's controversial cryptocurrency, the petro.
A Russian Finance Ministry official has stated that Venezuela will not pay off its $3.5 billion debt using the petro.
Crypto enthusiasts around the world should send a strong signal to President Maduro that blockchain technology will not be used to support corruption.
A Russian official has called reports that the country helped Venezuela launch its controversial petro cryptocurrency "fake news."
The Treasury Department may start publishing wallet addresses along with the names of people and organizations with whom it forbids doing business.