Important News Round Up about Bitcoin and Blockchain Technology in Venezuela Last Week
Important News Round Up about Bitcoin and Blockchain Technology in Venezuela Last Week
Bitcoin Trading in Venezuela Surpassed 1,000 in Last Week
Citing the data from Localbitcoins, Venezuelans converted a total of 1073 BTC ($7.1 million) in the week ending Saturday - the most since records began in 2013. Traders continue to turn to cryptocurrency in Venezuela to circumvent the government's increasing stranglehold on the economy and rampant hyperinflation which persists despite a currency redenomination in August.
Tuesday , October 09th 2018
- United States Congressional Bill Bans Venezuela's Petro, Calls for Global Investigation of Crypto
The United States Congress has put forth a bill which will completely ban the Petro. In addition, the bill calls for an international investigation of all other cryptocurrencies designed to circumvent international sanctions. The Venezuelan Petro was already banned by an Executive Order from President Trump of the United States on 19 March 2018. This bill is similar to the executive order, but cements the Petro ban into congressional law and expands on the ban. The primary reason the Petro is being banned by the United States is that the Petro will likely be used to circumvent international sanctions.
Monday , October 08th 2018 - Venezuela Has Officially Launched Its Oil-Backed Cryptocurrency
Venezuela has officially launched what its President Nicolas Maduro claims is a first state-backed oil-backed cryptocurrency, El Petro. Over the past months, Maduro has been touting a new plan for economic recovery, which includes a new policy on gasoline pricing that would raise Venezuela's ultra-cheap gas prices for the first time in two decades. The plan to ease the severe economic crisis also featured a devaluation of the currency and pegging the new bolivars to the Petro.
The official public sale of the Petro - which Venezuela say is backed by oil, natural gas, diamonds, and gold - will begin on November 5, Maduro has said.
Sunday , October 07th 2018 - US Senators Seek Stronger Sanctions on Venezuela's 'Petro' Cryptocurrency
A bipartisan group of U.S. senators are pushing for tighter sanctions against Venezuela's state-backed cryptocurrency, known as the petro. The bill, known as the Venezuela Humanitarian Relief, Reconstruction and Rule of Law Act of 2018, covers a range of areas related to Venezuela, including proposed humanitarian aid to migrants from the country and efforts to support "restoring democracy" amidst its long-running economic crisis.
Saturday , October 06th 2018 - Ethereum Developer: Venezuela's Petro White Paper 'Blatantly' Copied Dash
Venezuelan state-owned cryptocurrency Petro has apparently plagiarized parts of its white paper from the GitHub repository of Dash. Core developer of Ethereum Joey Zhou pointed this out in a tweet posted Tuesday, Oct. 2.
Zhou has tweeted that Petro, which has just been officially launched by president Nicolas Maduro, is "a blatant Dash clone." To illustrate this, he posted a link to the Venezuelan coin's white paper, which had an exact copy of an image from Dash's repository on Github.
According to him, the "clone" image is not the only thing that Petro apparently borrowed from Dash. The technical description of the coin says that it will use the X11 Proof-of-Work (PoW) mining algorithm, the same that is used by Dash.
Friday , October 05th 2018 - Venezuelans Will Be Able to Buy Petro in Exchange for Sovereign Bolivars Starting November 5th
Venezuelans will be able to buy petro in exchange for sovereign bolivars starting November 5th, however. The sovereign bolivar, announced in August, is a new currency in Venezuela, promised to be pegged to the petro.
Wednesday , October 03rd 2018 - Bitcoin Trading Volumes in Hyperinflation-Struck Venezuela Hits Record Highs
As the economic crisis in Venezuela worsens leading to a growing exodus of citizens out of the country, the demand for Bitcoin and other cryptocurrencies have exploded.
According to Coin Dance, Venezuelans traded Bitcoin worth nearly 300 million bolivars last week and the record could be broken again as so far this week Bitcoin worth more than 292 million bolivars has already been traded. This is in continuation of a trend on the BTC/VES pair that began earlier in the year.
Monday , October 01st 2018
Editor： Joey from coinness.com team
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