Venezuela has automatically converted pensioners’ most recent monthly bonus into its national oil-backed cryptocurrency, the Petro (PTR), according to a report from English-language politics blog Caracas Chronicles Dec. 12. First launched as a pre-sale in February, the controversial Petro has been in circulation as one of Venezuela’s two official currencies as of August 20: the second being a rebranded fiat currency, the Bolívar Soberano (Sovereign Bolivar, or Bs.S.), which is indexed to the Petro. According to Caracas Chronicles, pensioners’ recent government payouts Dec. 7 arrived initially in Bs.S. to pensioners’ web fiat wallets, but were automatically withdrawn and converted into …

The CEO of KFC Venezuela, Antonio Sampayo, has denied a recent announcement that it will start accepting major altcoin Dash (DASH), Spanish language crypto media Criptonoticias reports Monday, Dec. 10. Sampayo explained that KFC had discussed a crypto-related test with Dash, but the contract has not yet been finalized. He also said that processing payments with Dash “is not a fact, nor has the publication of any news about it been authorized.” On Tuesday, Dec. 11, Dash Merchant - Venezuela posted a public apology in its Twitter account, which reads: “Unfortunately, the message released was premature and reflected our optimism …

The former chief economist of the International Monetary Fund (IMF) has characterized Bitcoin (BTC) as “a lottery ticket,” in an article for major United Kingdom daily broadsheet The Guardian Dec. 10. Writing in the midst of the recent crypto market price collapse, current Harvard University Professor of Economics and Public Policy Kenneth Rogoff suggested that the “overwhelming sentiment” among crypto advocates is that the total “market capitalisation of cryptocurrencies could explode over the next five years, rising to $5-10 [trillion].” The historic volatility of the emerging asset class, he conceded, indeed indicates that Bitcoin’s decline from its all-time highs of …

Coming every Sunday, the Hodler’s Digest will help you to track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions, and much more — a week on Cointelegraph in one link. Top Stories This Week US SEC Delays Bitcoin ETF Decisions, Changes Deadline to Late February The United States Securities and Exchange Commission (SEC) has again postponed its decision regarding approval for a Bitcoin (BTC) exchange-traded fund (ETF) this week. According to a document released by the SEC, the new deadline is Feb. 27, 2019, and they will …

Venezuela’s рresident, Nicolas Maduro, has raised the reference value of the national cryptocurrency, Petro, the president’s official Twitter tweeted Nov. 30. According to major Latin American television channel TeleSur, Maduro first announced the new Petro rate on Thursday, Nov. 29, against the background of the country’s ongoing hyperinflation. The value of the Petro is now set at 9,000 sovereign bolivars, instead of the previous 3,600 bolivars. Speaking in Caracas that day, Maduro also ordered an increase in the monthly minimum wage by 150 percent, which is the sixth increase in 2018 and 25th in total during Maduro’s presidency. Later that …

The Constituent National Assembly of Venezuela has approved a bill on cryptocurrency regulation, the country’s Ministry for Communication and Information reported Nov. 21. The law was proposed by the country’s leader Nicolas Maduro and consists of 64 articles and five transitory provisions. It validates Petro, Venezuela’s controversial oil-backed cryptocurrency, as a unit of commercial exchange within the country, and states that goods and services can also be purchased with Petro. According to Cuban state news agency Prensa Latina, the Assembly has also approved amendments to current anti-money laundering lawс. Under the new rules, Venezuela’s crypto exchanges are reportedly allowed to …

Venezuela will present its state-backed cryptocurrency Petro as a unit of account for crude oil trading to the Organization of the Petroleum Exporting Countries (OPEC) in 2019, the country’s oil company PDVSA reports on its Twitter Nov. 7. The PDVSA has cited its president Manuel Quevedo, who also holds the position of Venezuela’s Minister of Oil and Mining, speaking about the future presentation: "We will be presenting Petro to OPEC in 2019 as the main digital currency backed by oil." According to the PDVSA, Quevedo also added that Petro will be offered as a unit of account for global crude …

Venezuela’s controversial state-owned cryptocurrency the Petro is now available for purchase for fiat and crypto, Venezuelan Economy Department announced on Twitter Monday, Oct. 29. According to an infographic included in the tweet, Petro can now be purchased directly from the country’s treasury via the coin’s official website or from six crypto exchanges authorized by the government. The state-issued coin can be purchased for fiat, specified in the graphic as yuan, Euro and U.S. dollars, or for certain cryptocurrencies, by legal entities and individuals who have registered and passed a validation process on the coin’s official site. According to Petro’s official …

On October 20, The Bank of Japan’s (BOJ) deputy governor, Masayoshi Amamiya, repeated his negative stance towards central bank-issued digital currencies (CBDC), claiming that such digital currencies are unlikely to improve the existing monetary systems. The concept of CBDC, or national cryptocurrencies, has attracted many governments across the world. Some of them have already rolled out their virtual currencies, some keep researching their economical impact, while others — like Japan — have decided to dismiss the idea altogether. Here’s what the concept entails, and why major governments choose to implement or deny it. What’s a CBDC? CBDCs, or national digital …

The president of Venezuela Nicolas Maduro called on workers to save in gold and state-run cryptocurrency Petro during a salary shake-up he announced Thursday, October 18, local news portal Noticiero Digital reports. In a television broadcast, Maduro said that “in the coming weeks,” workers would begin receiving bonus payments “based on” Petro, rather than extant fiat currency, the Sovereign Bolivar. Since receiving its formal launch, Petro has continued to garner suspicion from multiple sources both within and outside Venezuela, criticism stemming from its alleged backing from a state oil company with larger debts than the cryptocurrency’s market cap. The tenuous …

Coming every Sunday, the Hodler’s Digest will help you to track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions, and much more — a week on Cointelegraph in one link. Top Stories This Week CNBC’s Ran Neuner Claims Bitcoin’s Price Is Set To “Explode” Ran Neuner, crypto analyst and host of CNBC’s show Cryptotrader, said this week that the price of Bitcoin is “about to explode.” In a series of tweets, the trader predicted that a notable Bitcoin rally could be tied to the SEC’s upcoming decision …

Venezuelans can only use the state-backed cryptocurrency, the Petro, to pay for passport fees starting next week, the country’s vice president Delcy Rodriguez said in a press conference Friday, Oct. 5. Ahead of Petro’s official “launch” in November, Rodriguez confirmed that as of Monday, Oct. 8, fees for all passport applications will only be payable in Petro, and will cost an increased amount: 2 petros for a new passport and 1 petro for an extension. The average monthly minimum wage in Venezuela, Bloomberg reports, is four times less than the cost of the raised passport fee. “In the case of …