Venezuela’s Maduro Wants to Offer Crypto-Based Loans to Agricultural Producers
Nicolas Maduro, president of Venezuela, stated the country could offer cryptocurrency-based loans to the agricultural sector, in addition to the traditional loans in several fiat currencies. He also stated that Venezuela has worked with petro and other cryptocurrencies for three years, pioneering the use of this kind of asset in Latam. Government Hints at Offering Cryptocurrency Loans in Venezuela Maduro hinted at the possibility of giving loans in cryptocurrency to the agricultural industry in an announcement made in a cabinet meeting last Thursday. He stated the country would look for....
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Santander is developing the possibility of offering loans backed by tokens that are collateralized in agricultural products. The bank has partnered with Agrotoken, a company that launched a series of agricultural commodity tokens already being used in agriculture-related markets to make transactions. A pilot test has been conducted to validate the system used to produce these loans.
Santander Runs Grain-Backed Loans Pilot Test in Argentina
The Spanish multinational bank Santander has announced it is developing a system to offer loans that would be backed by commodity tokens. The....
Crypto garnered another mention in one of Maduro's bombastic speeches. The President of Venezuela Nicolas Maduro says that the country's government is now looking at diverse cryptocurrencies as a potential way of avoiding sanctions.On Sept. 29, Maduro presented a new bill that intends to help the country overcome the impact of United States’ sanctions. As part of the bill, Venezuela will study the possibility of using various cryptocurrencies in both domestic and foreign trade. Maduro claimed that the new anti-sanctions bill involves both private and state-backed crypto initiatives like....
Decentralized finance (defi) is allegedly coming to Venezuela after a recent decree from Venezuelan President, Nicolás Maduro and the United Socialist Party of Venezuela. The government recently introduced a defi platform called BDVE that purportedly provides Venezuelan citizens with the means to swap ERC20 tokens in a noncustodial manner. For quite some time now Venezuela has had to deal with strict economic sanctions. President Nicolás Maduro spoke about these sanctions in a new mandate called the “Anti-blockade Law for National Development and the Guarantee of Human....
The weakening economy of Venezuela under the regime of President Nicolas Maduro is forecast by the International Monetary Fund to reach a consumer-price inflation rate of 480 percent by the end of this year, and peak at 1,640 percent in 2017. Venezuela’s growing financial crisis and economic collapse also pressured the government to announce a state of “economic emergency,” which immediately gave the Venezuelan government full control over the goods, assets, properties and food of private companies. The state of “economic emergency,” which was extended for another 60 days by Maduro on July....
Blockchain proponents claim that agricultural asset-backed tokens would make it easier for farmers in Argentina to attract investment and access liquidity amid a nationwide economic crisis. Argentina's brittle economy — stricken by endemic problems that have only worsened amid the COVID-19 pandemic — has sparked rising unrest in the country's agricultural sector. Earlier this month, representatives of the bulk of national producers rejected President Alberto Fernandez’s government's decision to suspend all exports of corn as part of its efforts to stem inflation and exert downward pressure....