Category: Venezuela

Money Laundering Fines Worth Billions Help Bankers Avoid Prosecution and Unpleasant Labels

Money Laundering Fines Worth Billions Help Bankers Avoid Prosecution and Unpleasant LabelsThe recent seizure of a cargo ship owned by JP Morgan, a vessel loaded with 20 tons of cocaine according to latest accounts, highlighted the risks of banks’ involvement in illicit activities, inadvertent or otherwise. And although U.S. authorities released the MSC Gayane after the owner, JP Morgan’s asset management arm, and the operator, Mediterranean […]

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Global Crypto War Is Heating up – Iran Next in Line With Its Own Gold-Backed Coin

Control of the U.S. dollar and the global financial system that depends on it gives the American government an incredibly powerful tool in shaping international affairs. As such, it is not surprising that its geopolitical rivals around the world will try to exploit the invention of cryptocurrency to take the USD down a peg. The […]

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Bitcoin and Black Market Fiat: Hyperinflation Crushes Venezuela as Global Devaluation Ramps Up

Venezuela is being crushed by staggering hyperinflation as a sharply divisive political crisis has the economy in ruins. Some are seeking refuge in alternatives to the national currency, like foreign fiat and crypto. The situation also calls into question the long-term trajectories of other, less volatile economies. National banks globally have been consistently struggling to […]

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Venezuela Issues 50,000 Bolivar Bill Amid Persistent Hyperinflation

Venezuela Issues 50,000 Bolivar Bill Amid Persistent HyperinflationVenezuelans are used to their currency costing less than the paper it’s printed on. Economic misfortunes and political upheaval place their country at the bottom of all inflation charts, year after year. The latest incarnation of the national fiat, Bolívar Soberano, has succumbed to the illness of all previous emissions – rapid depreciation. The government […]

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Local.Bitcoin.com Shows Lots of Active BCH Listings From Traders Worldwide

Local.Bitcoin.com Shows Lots of Active BCH Listings From Traders WorldwideSix days ago news.Bitcoin.com announced the launch of Local.Bitcoin.com, a peer-to-peer marketplace that allows people to trade bitcoin cash (BCH) in a private manner. Since then there have been roughly 14,000 accounts created so far, and many people are actively trading throughout various countries worldwide. Also read: G20 Starts Crypto Discussions – A Look at […]

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Hotels and Realtors in Venezuela’s Historic Cumaná City Accept Bitcoin Cash

Hotels and Realtors in Venezuela’s Historic Cumaná City Accept Bitcoin CashFor years Venezuelans have been surviving the harsh economic climate of their country, beset by hyperinflation and political instability. Small businesses have been hit the hardest. But even in these difficult conditions, the ingenuity and hard work of Venezuelan entrepreneurs has allowed them to provide food for their families and services to their communities. Many […]

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There’s 100 Unclaimed Bitcoin Cash Wallets Hidden Worldwide

There's a Hundred Unclaimed Bitcoin Cash Wallets Hidden WorldwideOver the last few months, the geocaching treasure hunt Findbitcoin.cash has gathered a bunch of new hidden BCH treasures. At the time of publication, there are approximately 105 concealed bitcoin cash wallets hidden all over the world with a large portion of these funds hidden in the U.S. and Australia. Also read: Bitcoin.com’s Local Bitcoin […]

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Venezuelan Mining Parts Supplier Coincoin Now Accepts Bitcoin Cash

Venezuelan Mining Parts Supplier Coincoin Now Accepts Bitcoin CashVenezuela is among those nations where cryptocurrencies enjoy faster adoption. The South American country suffers from a political and economic crisis causing hyperinflation of the national fiat, the bolivar. Coincoin, a mining equipment supplier based in Caracas, is one of many Venezuelan businesses that have decided to accept cryptocurrencies. Bitcoin cash (BCH) is now among […]

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Countries Suffering From Rapid Inflation Show Significant Demand for Cryptos

Countries Suffering from Rapid Inflation Show Significant Demand for CryptosCryptocurrencies have been trending upwards in price over the last few weeks, but in certain countries around the world digital assets have become far more valuable. For instance, in Argentina, the nation’s sovereign currency has lost considerable value and cryptocurrencies like BTC are seeing all-time price highs. The surge in value is not just taking […]

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Crypto Adoption Remains Strong in Venezuela Amid Political Chaos

Crypto Adoption Remains Strong in Venezuela Amid Political ChaosThe political tension in Venezuela has affected local cryptocurrency adoption. While there are roadblocks, many crypto-advocating projects continue to thrive in the country. News.Bitcoin.com takes a deep look at the current situation in Venezuela, crypto adoption efforts and how the recent political crisis affects them. Also read: Indian Supreme Court Postpones Crypto Case at Government’s […]

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OTC Groups and State-Sanctioned Exchanges Start Trading Venezuela’s Petro

OTC Groups and State-Sanctioned Exchanges Start Trading Venezuela's PetroLast February, news.Bitcoin.com first reported on the Venezuelan cryptocurrency the petro (PTR) launched by President Nicolas Maduro. Initially, many media reports assumed the digital currency might be phony or nonexistent. However, recent data from a few exchanges and from Venezuelans trading the asset on social media suggests the nation-state issued cryptocurrency is quite real and […]

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Darwinos Burger Joint Hosts Colombia’s Second Point of Sale and Crypto ATM

Three months, ago news.Bitcoin.com reported on Panda Exchange launching a hybrid point-of-sale (PoS) and cryptocurrency ATM in Bogotá, Colombia. Since then, the Panda team has also helped Athena Bitcoin install a crypto ATM in Cúcuta, Colombia to serve as a crypto gateway for Venezuelans. On April 17, Panda announced the installation of its second digital […]

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Russian Banks Join Chinese Swift – Is the Dollar Era Under Threat?

Is the Dollar Era Under Threat?As a Saudi oil minister once remarked, the Stone Age didn’t end because we ran out of stones. It seems it’s neither the deficit of a tool nor its deficiencies that make it obsolete, but rather the invention of new tools that do the job better. With increasing competition, will the U.S. dollar continue to […]

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Bitcoin Volumes in Venezuela Plummet During Nationwide Blackout

Bitcoin Volumes in Venezuela Plummet During Nationwide BlackoutVenezuelans are having a difficult time as the country’s power grid shut off on March 7, leaving the majority of Venezuelan states with no electricity for well over a week. According to reports on March 14, electricity has been restored throughout most states within the country. However, during the week-long blackout, bitcoin trades on the […]

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US Sanctions Moscow’s Evrofinance Bank Over Involvement With Petro

US Sanctions Moscow-Based Bank Evrofinance Over Involvement With PetroThe U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed sanctions on Moscow-based Evrofinance Mosnarbank. The Russian bank was allegedly involved in Venezuela’s attempts to bypass financial sanctions using the petro. Also Read: In the Daily: Exchange to List STOs, Crypto Tax Tool for Accountants, Coinbase Updates US Sanctions Evrofinance The […]

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P2P Markets: Russian Localbitcoins Trade Outpaces Venezuela

P2P Markets: Russian Localbitcoins Trade Outpaces VenezuelaDuring the week of March 2, roughly 14,365 BTC changed hands via peer-to-peer (P2P) exchange Localbitcoins, equating to approximately $51.51 million worth of trade. Of that, 3,593 was BTC traded via the Russian markets, 83 percent more volume than was produced by Localbitcoins’ second-largest market, Venezuela. Also Read: Turkish Real Estate Agency Sells 9 Houses […]

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Venezuelan Government Launches Cryptocurrency Remittance Service

Venezuelan Government Launches Cryptocurrency Remittance ServiceThe government of Venezuela has begun offering a cryptocurrency remittance service. Remittances can be sent using two types of cryptocurrency. The service was launched by the Superintendency of Cryptoassets and Related Activities, the country’s main crypto regulator, which has also set a monthly limit and a commission per transaction. Also read: SEC Chair Explains Key […]

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P2P Markets Report: Iranian Localbitcoins Volume Gains 190% in a Week

The peer-to-peer (P2P) markets have seen a dramatic increase in Iranian and Indonesian trade activity, with both markets posting triple-digit volume gains in recent weeks. Localbitcoins volume has also surged in select Latin American markets this past week, with the Dominican Republic, Colombia, and Venezuela posting some of their strongest trade on record. Also Read: […]

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Maduro’s Petro Becomes More Accessible, but Scrutinized by Venezuelans

Maduro's Petro Becomes More Accessible, but Scrutinized by VenezuelansFor a while now people were skeptical about the Petro network and questioned whether or not it even existed. Many Venezuelan citizens explained over the last few months that they hadn’t seen the new asset being used in the wild. However, recent reports detail that there are a few new methods available for residents who […]

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Venezuelan Explains How Bitcoin Saves His Family

Venezuelan Explains How Bitcoin Saves His FamilyAs the situation in Venezuela intensifies, a local bitcoin user details how he and his family use the cryptocurrency to survive the country’s ongoing crisis. Keeping all of his money in bitcoin, he only exchanges small amounts into the hyperinflating bolivar when necessary. Also read: SEC Chair Explains Key Upgrades Needed for Bitcoin ETF Approval […]

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How to Use Cryptocurrency to Send Money Abroad

A Beginner's Guide To Getting Started With Sending Money Abroad Using CryptoThe global remittance industry is huge. World Bank data shows that over $148 billion was sent abroad from the U.S. alone in 2017. As people leave nations gripped by hyperinflation, or simply move to look for better opportunities abroad, sending cash back home becomes a necessity. As the people in Venezuela are discovering, this can be […]

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Localbitcoins Trade Surges in Latin America and East Asia

Localbitcoins Trade Surges in Latin America and East AsiaThe peer-to-peer (P2P) markets saw a surge in trade activity this past week, with the Localbitcoins markets of five countries posting record volume. The largest spikes were concentrated in the Latin American and Asian regions, however, the United States also posted its strongest monthly P2P volume since April 2018. Also Read: Nasdaq Stock Exchange to Start […]

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Venezuela’s BTC Trading Volumes Hit Record Highs as Crypto Regulations Commence

Venezuela’s BTC Trading Volumes Hit Record Highs as Crypto Regulations CommenceAs Venezuela begins regulating cryptocurrency, BTC trading volumes in the country hit record highs on several exchanges. Amid fast-growing crypto adoption, peer-to-peer trading platforms such as Localbitcoins and Paxful have reported significant increases in the number of BTC traded in Venezuela. Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations Record BTC […]

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Venezuelan Nonprofit Eatbch Celebrates First Anniversary Amidst Hyperinflation

Venezuelan Nonprofit Eatbch Celebrates First Anniversary in the Midst of Hyper-InflationOn Sunday, Feb. 10, the creators of the charitable organization Eatbch, a nonprofit food drive powered by bitcoin cash, celebrated its one-year anniversary. Eatbch has come along way since its inception feeding Venezuelans thousands of meals alongside branching out to other less fortunate regions like South Sudan. Also read: BCH Avalanche Transactions Show Finality Speeds 10x […]

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