Image Image Image Image Image Image Image Image Image Image Image Image

| December 15, 2017

Scroll to top


National Archives -


Charlie Sheen Sues National Enquirer for Defamation (UPDATE)

December 9, 2017 |

6:45 PM PT — Charlie tells TMZ, “In my nearly 35 years as a celebrated entertainer, I have been nothing shy of a forthright, noble and valiant courier of the truth. Consistently admitting and owning a laundry list of shortcomings, wrongdoings and…

National Enquirer Editor Accused of Misconduct

December 6, 2017 |

An editor who specializes in the scandal of others is experiencing it from the opposite end of the spectrum. The top editor for the National Enquirer , Us Weekly , and other major gossip publications openly described his sexual partners in the newsroom, discussed female employees’ sex lives, and forced women to…

Venezuela Announces the Creation of Oil-Backed National Cryptocurrency – the Petro

December 4, 2017 |

Venezuela Announces the Creation of Oil-Backed National Cryptocurrency – the Petro

Venezuela’s president Nicolás Maduro has announced the creation of the country’s national cryptocurrency. It will be called the Petro and will be backed by the nation’s oil, gold, gas, and diamond reserves.

Also read: Japan Increases Lead – Approves Another Four New Cryptocurrency Exchanges

Venezuela’s National Cryptocurrency

Venezuela Announces the Creation of Oil-Backed National Cryptocurrency – the Petro
Venezuela’s president Nicolas Maduro.

The president of Venezuela, Nicolás Maduro, announced on Sunday that his country will create a national cryptocurrency called the Petro. Its goal is “to combat what the leftist leader says is a financial ‘blockade’ against the crisis-hit nation spurred by U.S. Sanctions,” Reuters reported.

Maduro explained that the new currency will be “backed by oil, gold, gas and diamond reserves,” Agencia Venezolana de Noticias wrote. He was quoted saying:

I want to announce that Venezuela is going to implement a new cryptocurrency system based on oil reserves, in order to advance in the area of monetary sovereignty. This will allow us to move towards new forms of international financing for the economic and social development of the country.

Following Maduro’s announcement, the Venezuelan finance ministry emphasized that a cryptocurrency system is necessary for carrying out financial transactions and for providing new financing options.

Venezuela Announces the Creation of Oil-Backed National Cryptocurrency – the PetroThe idea of creating a national cryptocurrency in Venezuela “was met with widespread scorn from Maduro’s foes who doubt that economically crippled Venezuela could pull off the launch of a cryptocurrency,” Reuters described.

“It’s Maduro being a clown. This has no credibility,” opposition lawmaker and economist Angel Alvarado told the news outlet. Opposition legislator Jose Guerra added, “I see no future in this.”

Venezuelans Turn to Bitcoin Mining

Venezuela’s fiat currency, the bolivar, has been in a free fall. It lost about 57 percent last month in the black market, dragging the country’s monthly minimum wage down to $ 4.30, the news outlet detailed. “Millions of Venezuelans plunged into poverty are struggling to eat three meals a day.”

Venezuela Announces the Creation of Oil-Backed National Cryptocurrency – the PetroOn Friday, the black market rate for one dollar is 103,000 bolivars; it was 10,000 at the end of July. According to the International Monetary Fund, Venezuela’s economy is shrinking 12 percent this year and its annual inflation rate is expected to surpass 2,300 percent next year.

The country’s hyperinflation has driven Venezuelans to bitcoin mining in order to afford basic necessities since power is heavily subsidized to the point that it is essentially free. Daniel Osorio of Andean Capital Advisors told CNBC in September that hyperinflation makes it impractical to use cash since dollars are in short supply in Venezuela. He elaborated, “we are beginning to see in Venezuela, potentially, the first bitcoinization of a sovereign state.”

Meanwhile, bitcoin mining and trading activities have grown in Venezuela. In May, reported that bitcoin helps Venezuelan families avoid starvation.

What do you think of Venezuela attempting to launch a national cryptocurrency? Let us know in the comments section below.

Images courtesy of Shutterstock, Reuters, and Tercera Información.

Need to calculate your bitcoin holdings? Check our tools section.

The post Venezuela Announces the Creation of Oil-Backed National Cryptocurrency – the Petro appeared first on Bitcoin News.

Bitcoin News

Romania’s national day sees tensions over justice laws

December 1, 2017 |

Thousands of Romanian troops have staged a military parade to celebrate Romania’s national day, but key politicians didn’t attend, signaling tensions over controversial plans to revamp the justice system.
FOX News


Trump shouts out South Korean golfers in national address

November 8, 2017 |

President Donald Trump, perhaps seeking to endear himself to South Korean legislators, drew attention Wednesday to the prowess of Korean golfers during an otherwise deadly serious speech before South Korea’s National Assembly. – RSS Channel – World

Too many tourists: Crowding is a big headache at national parks and theme parks

October 28, 2017 |

So many tourists head up to the Hollywood sign to snap selfies that Los Angeles Mayor Eric Garcetti has suggested building a gondola to reduce congestion on nearby streets and hiking trails.

At Zion National Park, the crowds are so heavy that park officials are considering a congestion management…

L.A. Times – Business

Fees Could Double at Most Popular National Parks

October 25, 2017 |

With the Trump administration planning to slash the National Park Service’s budget, a new proposal could see entrance fees for 17 of the most-visited national parks in the country more than double during peak months. In an effort to boost revenue to pay “for improvements to the aging infrastructure of…

National Park Service considers fee hike of up to 180% for most popular parks, including Yosemite

October 25, 2017 |

To raise funding for maintenance and repairs, the National Park Service said Tuesday it is considering raising vehicle entrance fees by up to 180% at the nation’s most popular parks during the peak visiting season.

Under the plan to raise funding to fix roads, bridges, campgrounds and bathrooms,…

L.A. Times – Business

Portraits of Obamas Will Be a 1st for National Portrait Gallery

October 14, 2017 |

For the first time ever, the Smithsonian has hired black artists to paint the president and first lady for its National Portrait Gallery, the Wall Street Journal reports. Kehinde Wiley will paint Barack Obama, who requested him specifically. Wiley is known for juxtaposing his subjects—often young black men in…


NBA Send Memo Warning Players, If the Kneel During National Anthem they Face Discipline

September 30, 2017 |

The NBA has circulated a memo warning players if they don’t stand for the National Anthem they do so at their own peril. According to the memo, obtained by ESPN, “the league office will determine how to deal with any possible instance in which a…