Venezuela Orders Banks to Adopt Cryptocurrency

Venezuelan citizens arrive at the border with Peru in Huaquillas Ecuador on Sunday

Venezuelan citizens arrive at the border with Peru in Huaquillas Ecuador on Sunday

Adopting the Petro, which is now tied to and completely interchangeable with the new "sovereign Bolivar," is not the only reform made by the Venezuela's leader.

Following those clashes, President Temer sent a small contingent of troops to the border town of Pacaraima, where the unrest happened.

"I have decreed a deep and complete restructuring of the company Minerven, which has many internal vices, so that it produces all the gold that the country needs", he said."From now on every month we are going to pay pensions through the digital wallet, so that older adults do not have problems and have their resources freely". "It is a threat to the harmony of the whole continent", Temer said.

In addition to ensuring the security of Brazilians, the soldiers' role is also to look after the Venezuelan migrants' safety, the president stated.

Health officials in Peru are anxious about the spread of communicable diseases in the north as Venezuelans crossed the border ahead of new immigration rules.

What is happening in Venezuela?

Venezuela's economic crisis, exacerbated by a fall in oil prices, has caused basic goods, including food and medicine, to be in short supply, unavailable or unaffordable. Peru has also tightened deadlines for Venezuelans to sign up for a temporary residency card that lets them work in the country legally.

Venezuela has also drastically devalued the bolivar currency, issued banknotes stripped of five zeroes in new "sovereign bolivars".

Thousands of Venezuelans are now fleeing the country every day in what is rapidly deteriorating into a major migration crisis.

Regional tensions have been stoked, as neighbouring countries struggle to accommodate the exodus of Venezuelans.

On Tuesday, Venezuela said it had repatriated 89 citizens who had migrated to Peru but sought to return after suffering 'cruel treatment'.

What are neighbouring countries doing?

There are 400,000 Venezuelans living in Peru, 178,000 of which have permission to be there, Voice of America reported.

Bhuvaneshwar Kumar fit, to play for Ind A in quadrangular series
India fast bowler Bhuvneshwar Kumar will make a comeback to competitive cricket after he was declared fit on Monday. After tests in London, he was sent to the NCA, with the Board's medical team monitoring his rehabilitation.

In a brief televised address Tuesday night, Temer announced that he signed a decree to send in the armed forces to restore order and security in the state.

One minister told journalists that troops were already in place, while another warned Brazil "needs to discipline" the influx of migrants.

The first day the new rule was instituted, Peru reported a more than 50% drop in the number of migrants.

Similar regulations were introduced in Ecuador, only to be overturned by a court ruling.

Venezuelan refugees wait outside the Brazilian Immigration Point in the border city of Pacaraima, Roraima, Brazil, on August 20. Several shots were fired during the altercation, and over 1,200 migrants were forced to cross the border back to Venezuela.

The Brazilian authorities estimate that about 600-700 Venezuelans cross into Brazil from Venezuela daily.

Top immigration officials from Peru, Colombia and Brazil met in Colombian capital Bogota for a summit to discuss how to cope with the influx.

Where is Venezuela in all this?

The country's president, Nicolas Maduro, had staked a lot on the introduction of a national, official cryptocurrency, the Petro. Also, Venezuela is looking to address U.S. sanctions imposed against the country.

"Doesn't it strike you as suspicious there are photos of [these people] walking along the roadside in Peru, walking along the roadside in Ecuador, walking along the roadside in Colombia", said Diosdado Cabello, according to local media.

The head of Venezuela's constituent assembly suggested the country's escalating migration crisis was being staged to make the government look bad.

Critics however called the move a publicity stunt.

Recommended News

  • Dyson on track to build electric cars

    Dyson on track to build electric cars

    Dyson will build ten miles of test tracks for electric cars at its Hullavington airfield site in the Cotswolds in the second phase of its 500-acre campus project.
    Presidency: DSS analysing Leah Sharibu’s audio recording

    Presidency: DSS analysing Leah Sharibu’s audio recording

    In dealing with terrorists, Garba said nothing is too trivial. "The secret service is analysing the voice". However, Leah's younger brother who helped open the news report for her was on hand to console her.
    Malaysian Fugitive Being Investigated by DOJ

    Malaysian Fugitive Being Investigated by DOJ

    The newspaper said that since 2016 banks have curtailed Low's access to funds - making it hard for him to pay legal expenses. In addition, authorities in Malaysia have also charged him with money laundering in the case, according to the Journal .
  • Samsung unveils 8K QLED TV

    Samsung unveils 8K QLED TV

    Additionally, the Q900R boasts enhanced contrast and precise backlighting control courtesy of its Direct Full Array Elite feature. The TV will also be able to run at this resolution at a peak brightness of 4,000 nit, said Samsung .
    Gboard Gets 'Minis', Personalised Selfie Stickers for Android and iOS

    Gboard Gets 'Minis', Personalised Selfie Stickers for Android and iOS

    These personalised selfie stickers have rolled out on Android and iOS , and you can find them in the app in Stickers section. Notably, with Google distributing Allo's features to its other apps, Allo's end is probably imminent.
    Buck-a-beer comes into effect in Ontario

    Buck-a-beer comes into effect in Ontario

    Loblaw is offering up its President's Choice brews for a limited time at a $1 a bottle but only in Beer Stores. Some have said they could not afford to participate without sacrificing the quality of their product.
  • Panasonic to move European HQ from UK to Amsterdam

    The Japanese company's move is the latest sign of concern from the business community over the protracted Brexit negotiations. Japan is a major investor in the United Kingdom , where more than 800 Japanese companies employ more than 100,000 people.
    Loew rejects Ozil's accusations of racism in German FA

    Loew rejects Ozil's accusations of racism in German FA

    The 2014 world champions were left humiliated after they were condemned to their earliest World Cup exit in 80 years. Germany manager Joachim Low has broken silence over playmaker Mesut Ozil's alleged racism enforced retirement.
    Notting Hill Carnival 2018: Man stabbed and 30 officers injured

    Notting Hill Carnival 2018: Man stabbed and 30 officers injured

    The order allows officers to search people if they believe they may be carrying offensive weapons or in anticipation of violence. A minute's silence was observed at Notting Hill Carnival yesterday in memory of the Grenfell Tower fire victims.
  • ‘The 40-Year-Old Virgin’ Actor, Convicted of Attempted Murder, Granted Parole

    ‘The 40-Year-Old Virgin’ Actor, Convicted of Attempted Murder, Granted Parole

    Beebe told the panel she believes her ex-husband played a role in the crime, and that Malil has not entirely come clean about it. As Beebe's children were sleeping upstairs, Malil continued to slash her with a broken wine glass and a kitchen knife.
    All onboard Australia-bound asylum-seeker boat found

    All onboard Australia-bound asylum-seeker boat found

    Queensland Police Minister Mark Ryan told the Australian Broadcasting Corporation 15 passengers had been found so far. Ward took them on a tour, pointing out the dangers of the mangroves.
    Children to be banned from buying energy drinks under government plans

    Children to be banned from buying energy drinks under government plans

    Shops which sell the drinks to people under the legal age - expected to be either 16 or 18 - would face fines of up to $4,400. Tam Fry, of Action On Sugar, said:"It is astounding that the government feels that a consultation is required".

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.