The U.S. Department of Justice has charged the Venezuelan President Nicolas Maduro, as well as numerous current and former country officials with drug
The indefinite suspension of Venezuela’s national banking system is driving further adoption of cryptocurrencies.
The crypto payment system supported by Venezuelan biometric authentication is still down, more than two months after being offline, causing chaos for traders across the country.The Biopago Platform is the brainchild of the Central Bank of Venezuela and allows citizens to make payments in petro (PTR), an oil-supported token, issued by the state, using fingerprint sensor technology.The government made huge fanfare about the network, and the Point of Sale (PoS) terminal, many of which were distributed free to traders in December last year.
If the National Superintendency for the Defense of Socio-Economic Rights is successful in pressuring stores to accept the petro, it would serve the Maduro regime well. By making it easier to avoid sanctions, the petro enables the government to regain some of its lost oil revenues. By making it easier to monitor domestic transactions, the petro aids efforts to stamp out political opposition. And, by reducing the need to print up so many new notes during periods of hyperinflation, the petro reduces the likelihood and magnitude of cash shortages.