Venezuelans To Get Paid Half a Petro A Month

The President of Venezuela has promised its citizens that there will be a 60x increase of the minimum monthly salary with the inclusion of 0.5 Petro (PTR) which has the current rate of $60 each petro.

This will take into effect when his monetary reforms are in place next week.

A new fiat money called “Sovereign Bolivar” is said to be pegged to the digital coin.

Starting from August 20, 1 PTR will be exchanged at a rate of $60 USD which is the estimate of a barrel of oil on international markets.

The Sovereign Bolivar will replace the existing fiat currency called Strong Bolivar and will remove five zeros from the currency.

One petro will cost 3,600 in the new bolivars. This means that the south American country will have two units of account, petro and sovereign bolivar.

This means that there will be two fiat currencies that will be circulating together for some time before the only fiat currency will be phased out.

Bolivar Reached 100,000% Inflation, 60 Bolivar per Bitcoin

The currency of Venezuela has reached an exchange rate of 9.2 million per dollar and about 60 million per Bitcoin, days before its re-denomination cuts five zeros off its value.

A day before the trouble currency was trading at around 6.7 million VEF (Bolivar) per 1 USD and 44 million per Bitcoin then suddenly depreciating to the numbers indicated earlier.

According to Bloomberg’s Café Con Leche Index that tracks the rate of inflation in Venezuela in lieu of official government statistics, a coffee now cost about 2.5 million VEF suggesting that the annual inflation rate have reach above 100,000 percent.

Due to the rates, more and more people from Venezuela are turning to cryptocurrencies as a refuge for the ever decreasing value of the country’s money as Bitcoin trading volumes are setting new records on a weekly basis.

Wyre and MakerDao Parnership

The U.S.-based international wire transfer startup Wyre has recently announced that they are partnering with MarkeDAO.

With the said partnership, it will enable the company to instantaneously move fiat currency to and from Dai.

With normal wire transfers it takes about 48 hours with Dai they can be instant.

Dai will provide Wyre the liquidity it needs. It will also dramatically reduces the potential of phishing created by traditional wire transfers that is said to cost Americans a $500 million per year.

The said partnership is a huge step forward for stablecoins as a whole.

Wyre has become a major player in international wire transfers business and growing along the cryptocurrency market is a huge advantage over the competition.

90% Of Binance Employees Receives Salary In BNB

Techcrunch founder Michael Arrignton has recently stated in his twitter that Binance CEO Changpeng Zhao as revealed that 90% of the employees receive their salaries in BNB.

This makes the company one of the few commercial businesses in crypto that actually pays majority of its employees with cryptocurrencies.

Binance released BNB in 2017 and has garnered enough funding to finance the operations and development of the exchange.

The company has been buying back BNB with profits generated by the exchange business.

Various companies and projects have attempted to set an example to the mainstream by leading the adoption of cryptocurrencies and decentralized applications.

11 out of 21 South Korean Crypto Exchanges Completes Security Measures

The result of the mid-term review of 21 crypto exchanges by the Korea Internet and Security Agency (KISA) and the Korean Ministry of Science and Technology reveals that out of 21 exchanges, 11 have completed the short-term measures.

KISA checked on 85 items identified during a prior inspection and focused on 17 items which needed immediate implementation.

These 17 items includes 6 short-term measures and 11 for crypto wallet management.

These includes dedicated security and management system, deposits and withdrawal controls, and a system to monitor wallet for abnormal behavior.

In addition only 8 exchanges improve wallet management system which includes Upbit, Bithumb, Korbit, Coinnest, Coinlink, Coinone, Coinplug, and Huobi Korea.

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