Economy of Venezuela
Venezuela launches its Petro cryptocurrency, which it claims is the world's first sovereign cryptocurrency.
Venezuela announces that it will sell 5–10% shares in state-owned companies to private investors in order to help fund state enterprises.
The U.S. State Department confirms accusations made yesterday by Venezuelan vice president Delcy Rodríguez, who blamed an alleged U.S. veto for not allowing Venezuela to receive IMF COVID-19 relief funds. The State Department says that only recognized governments can access these funds.
Venezuela launches its second monetary overhaul in the past three years by cutting six zeros from its currency in order to simplify accounting. This move was in response to hyperinflation, which reached an annual record of 1,743%, amid a serious ongoing economic crisis.
The Nicolás Maduro government announces that Venezuela will sell some of its oil and gold to fund its petro cryptocurrency.
The petro, a Venezuelan government-backed cryptocurrency, has not been trading and is not publicly accessible, despite government claims that it has sold $3.3 billion worth of units and the fact that it is linked to the nation's physical currency and wages.
The Venezuelan bolívar fuerte is replaced with the "Sovereign Bolivar" in an attempt to curb inflation. Venezuela announces that the new currency will be linked to the petro, a form of cryptocurrency operated by the country.
U.S. President Donald Trump issues an executive order banning U.S. entities from trading in the Venezuelan Petro cryptocurrency. Trump calls the digital currency, launched last month, an "attempt to circumvent U.S. sanctions".
Venezuelan communications director Jorge Rodríguez announces that the country's Petro cryptocurrency, backed by 5.3 billion barrels of oil worth $267 billion, will launch shortly.
Venezuelan President Nicolás Maduro announces the creation of the petro cryptocurrency in a bid to ease the country's ongoing socioeconomic crisis.
Venezuela defaults on sovereign debt and bonds issued by state oil firm PDVSA (Petróleos de Venezuela, S.A.).