Venezuelan President Nicolas Maduro recently revealed that the nation’s oil-backed cryptocurrency, the petro , will be used as a unit of account by the state oil company PDVSA. The government is also developing a new salary system that will allow employees to receive their wages in petro funds over fiat. “As of next Monday, Venezuela will have a second accounting unit based on the price and value of the petro.
Venezuela is reportedly looking to lunch a central bank for cryptocurrencies, as the country’s National Constituent Assembly is preparing to reform the Venezuelan Constitution to include it, along with a court above its Supreme Court.
The Saudi government has issued a warning that dealing in digital currencies is prohibited in the Kingdom, citing “high risks” and “negative consequences”
The World Bank’s blockchain-based bond – a precursor to DLT adoption by the banking sector?
A report published by the pan-African bank, Ecobank Transnational Inc., has found that despite cryptocurrencies exerting a notable presence in each of the 36 African countries in which the company operates, only South Africa and Swaziland have adopted a “generally favorable and permissive [regulatory] stance” pertaining to cryptocurrencies.
Soon after Thailand adopted its regulations for cryptocurrencies and initial coin offerings (ICOs), companies reportedly pile up to apply for licenses to operate in the country. According to the Thai Securities and Exchange Commission, about 50 ICO projects are seeking to launch, five portals plan to open for business and 20 crypto exchanges have applied for a license.
Chilean cryptocurrency exchange Crypto MKT has recently announced that the country’s citizens can now buy products and services with cryptocurrency from over 5,000 merchants through a new integration with a crypto payment processor.
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Zurich-based UBS has released a report saying that the Bitcoin price must reach nearly $213,000 to replace U.S. money supply