“The oil-rich nation plans to pay public workers in the digital token and to use tax incentives to encourage its use. While the petro would be backed by one barrel of Venezuelan crude, the coins can’t be exchanged for the actual oil.”
“Leftist President Nicolas Maduro is hoping to capitalize on the success of cryptocurrencies by creating one for Venezuela as the bolivar plunges to all-time lows and the country struggles with hyperinflation. Critics decry the petro as simply a way for the cash-strapped government to issue debt without being constricted by U.S. sanctions. But the U.S. Treasury last week warned that Americans engaging with the petro could still find themselves in violation of those sanctions. Many in Venezuela have used cryptocurrencies in recent years to evade strict currency controls.”
“This isn’t the first time a national bank has taken such a strong and aggressive stance against digital currency. Last October, many customers of TD Bank experienced severe delays and blocks to their accounts while trying to purchase bitcoin on Coinbase. PNC Bank has also begun taking measures against bitcoin by preventing customers from buying it directly through their bank accounts.”
Read more: https://bitsonline.com/banks-cryptocurrency-ban/
“The Swiss government has created a blockchain taskforce to begin regulatory framework on startups and initial coin offerings. Switzerland has long been accepting toward blockchain startups and cryptocurrency organisations, and is home to ‘Crypto Valley,’ a region in the country known for the number of companies developing projects based on the technology.”
Read more: https://www.openaccessgovernment.org/swiss-government-creates-blockchain-taskforce/41067/
“Exploiting a crucial competitive advantage and motivated by profit and a desire to learn the technology, students around the world are launching cryptocurrency mining operations right from their dorm rooms.”
Read more: https://qz.com/1160667/the-secret-lives-of-students-who-mine-cryptocurrency-in-their-dorm-rooms/
“Encrypted messaging startup Telegram plans to launch its own blockchain platform and native cryptocurrency, powering payments on its chat app and beyond. With cryptocurrency powered payments inside Telegram, users could bypass remittance fees when sending funds across international borders, move sums of money privately thanks to the app’s encryption, deliver micropayments that would incur too high of credit card fees, and more.”
Read more: https://techcrunch.com/2018/01/08/telegram-open-network/
“Zuckerberg outlined two areas of technology that he wanted to research in 2018: encryption and cryptocurrencies. He said both technologies led to decentralised power, which Zuckerberg saw as a positive move. Zuckerberg wasn’t explicit in his post about Facebook’s plans regarding cryptocurrencies. He didn’t say the company would add bitcoin as a payment option, for example. But it shows that one of the world’s most powerful companies is looking closely at the technology.”
“The government has blocked popular messaging services like Telegram and Signal, in addition to several internet networks. Yet despite censorship and civil unrest, the Iranian bitcoin community is growing rapidly. Iranian customers protested outside local branches in 2017, demanding deposits because they worry some of the country’s largest credit institutions are on the verge of collapse. Meanwhile, Iranians remain politically ostracized from most international businesses and financial institutions. Part of the inspiration behind the Iranian revolution in 1979 was a belief that the Shah’s regime perpetuated economic inequality.”
Read more: http://www.ibtimes.com/bitcoin-adoption-rate-iran-surges-despite-censorship-protests-2636607
“Startups with names like Salt Lending, Nebeus, CoinLoan and EthLend are diving into the breach. Some lend — or plan to lend — directly, while others help borrowers get financing from third parties. Terms can be onerous compared with traditional loans. But the market is potentially huge. Someone looking to tap $100,000 in cash would probably need to put up $200,000 of bitcoin as collateral, and pay 12 percent to 20 percent in interest a year, according to David Lechner, the chief financial officer at Salt, which has arranged dozens of loans.”
“A crackdown on organized crime by Bulgarian law enforcement in May resulted in the seizure of more than 200,000 bitcoins – an amount worth more than $3 billion at today’s prices. Twenty-three Bulgarian nationals were arrested during the operation, and officials said at the time that the arrests and subsequent asset seizures followed an investigation into an alleged customs fraud scam. In all, the alleged perpetrators avoided paying some 10 million leva (Bulgaria’s national currency), worth roughly $6 million.”
Read more: https://www.coindesk.com/bulgarian-government-sitting-3-billion-bitcoin/