jmetaB03090e91290cc8b519eba82a729e7735f51770030e55e812d6448b47a5d864b914@d8cc4404c702e38956e165d7708bacfeba635b2a5383eba65d439fd872a94564rss.item metarss.netM´<item> <title>Venezuela had crypto for buying jet fuel, now its president has lost his plane</title> <link>https://protos.com/venezuela-had-crypto-for-buying-jet-fuel-now-its-president-has-lost-his-plane/</link> <dc:creator><![CDATA[Jacob Lyon]]></dc:creator> <pubDate>Tue, 03 Sep 2024 11:52:53 +0000</pubDate> <category><![CDATA[Crypto]]></category> <category><![CDATA[US]]></category> <category><![CDATA[Venezuela]]></category> <guid isPermaLink="false">https://protos.com/?p=74070</guid> <description><![CDATA[<p>Venezuelan President Nicolás Maduro has had his plane seized by US authorities eight months after he shuttered his oil-backed crypto token.</p> <p>The post <a rel="nofollow" href="https://protos.com/venezuela-had-crypto-for-buying-jet-fuel-now-its-president-has-lost-his-plane/">Venezuela had crypto for buying jet fuel, now its president has lost his plane</a> appeared first on <a rel="nofollow" href="https://protos.com">Protos</a>.</p> ]]></description> <content:encoded><![CDATA[<div id="bsf_rt_marker"> <p>Venezuelan President Nicolás Maduro, who once made it law to buy plane fuel with the country’s now-defunct Petro crypto token, has had his own jet seized by the US.</p> <p>The US Justice Department says the seized Falcon 900EX plane was illegally purchased for $13 million and allegedly acquired through a Caribbean-based shell company, resulting in a possible breach of US export control and sanctions laws.</p> <p>Venezuela is <a href="https://www.bbc.co.uk/news/articles/cm2np4xl083o" target="_blank" rel="noreferrer noopener">reportedly</a> considering taking legal action against the seizure and has called it an act of “piracy.”</p> <p>The country’s Foreign Minister, Yván Gilminster, said that the US is justifying itself, “with the coercive measures that they unilaterally and illegally impose around the world.”</p> <h2 class="wp-block-heading" id="h-maduro-s-petro-token-was-shuttered-this-year">Maduro’s Petro token was shuttered this year</h2> <p>In January 2024, Petro, Maduro’s state-created crypto, was <a href="https://www.barrons.com/news/venezuela-kills-off-petro-cryptocurrency-1e2b0317" target="_blank" rel="noreferrer noopener">shut</a> down and <strong>all holdings were liquidated</strong>.</p> <p>The token was <a href="https://www.france24.com/en/20200114-maduro-bids-to-revive-venezuela-s-petro-cryptocurrency" target="_blank" rel="noreferrer noopener">decreed</a> in 2020 to be the mandatory currency when purchasing jet fuel for international flights and state document services including passports.</p> <figure class="wp-block-embed is-type-wp-embed is-provider-protos wp-block-embed-protos"><div class="wp-block-embed__wrapper"> <blockquote class="wp-embedded-content" data-secret="Inh1HPr1AU"><a href="https://protos.com/a-look-inside-tocoron-venezuelas-gang-run-prison-that-mined-bitcoin/">A look inside Tocorón, Venezuela’s gang-run prison that mined bitcoin</a></blockquote><iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" title="“A look inside Tocorón, Venezuela’s gang-run prison that mined bitcoin” — Protos" src="https://protos.com/a-look-inside-tocoron-venezuelas-gang-run-prison-that-mined-bitcoin/embed/#?secret=ZLvAOkljyD#?secret=Inh1HPr1AU" data-secret="Inh1HPr1AU" width="500" height="282" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"></iframe> </div></figure> <p><em>Read more: <a href="https://protos.com/investors-can-get-a-refund-on-bitfinexs-failed-el-salvador-hotel-offering/" target="_blank" rel="noreferrer noopener">Investors can get a refund on Bitfinex’s failed El Salvador hotel offering</a></em></p> <p>It was backed by the country’s oil reserves and designed to circumvent US sanctions and bolster its national currency, the bolÃÂvar. However, it <a href="https://www.barrons.com/news/venezuela-kills-off-petro-cryptocurrency-1e2b0317" target="_blank" rel="noreferrer noopener">reportedly</a> failed after <strong>poor adoption and a corruption scandal</strong> involving the management of funds derived from oil operations reliant on crypto assets. </p> <p>Now, Maduro is creating a scandal of his own by claiming to be the country’s president despite evidence <a href="https://www.bbc.co.uk/news/articles/cm2np4xl083o" target="_blank" rel="noreferrer noopener">suggesting</a> he lost the election. The stance has drawn disapproval from the US, the European Union, and numerous Latin countries that once supported Maduro. </p> <p><em>Got a tip? Send us an email or ProtonMail. For more informed news, follow us on <a href="https://twitter.com/protos" target="_blank" rel="noreferrer noopener">X</a>, </em><a href="https://www.instagram.com/protosmedia/" target="_blank" rel="noreferrer noopener"><em>Instagram</em></a><em>, </em><a href="https://bsky.app/profile/protos.bsky.social" target="_blank" rel="noreferrer noopener"><em>Bluesky</em></a><em>, and </em><a href="https://news.google.com/publications/CAAqBwgKMLmroQsw0bW5Aw" target="_blank" rel="noreferrer noopener"><em>Google News</em></a><em>, or subscribe to our </em><a href="https://youtube.com/protosmedia" target="_blank" rel="noreferrer noopener"><em>YouTube</em></a><em> channel.</em></p> </div><p>The post <a rel="nofollow" href="https://protos.com/venezuela-had-crypto-for-buying-jet-fuel-now-its-president-has-lost-his-plane/">Venezuela had crypto for buying jet fuel, now its president has lost his plane</a> appeared first on <a rel="nofollow" href="https://protos.com">Protos</a>.</p> ]]></content:encoded> <enclosure url="https://protos-media.s3.eu-west-2.amazonaws.com/wp-content/uploads/2024/09/03111355/Protos-Artwork-MaduroJet.jpg" length="70811" type="image/jpeg"/> </item>
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