India Won’t Pay Venezuela for Oil with ‘Petro’

Although being proposed a 30% discount for payment in petro in crude oil imports from Venezuela, India won`t use the South American cryptocurrency
31 May 2018   1361

This week Indian foreign minister Sushma Swaraj was interviewed by the reporters during a news conference about a Venezuelan trade deal involving crude oil and a reported discount of 30 percent contingent on the acquiring being made with the Venezuela’s state cryptocurrency - petro. The Indian foreign minister declared that the country has no plans to use the petro in buying oil, referring a directive from India’s central bank which does not admit trade using cryptocurrency.

We cannot have any trade in cryptocurrency as it is banned by the Reserve Bank of India. We will see which medium we can use for trade. India follows only UN sanctions, and not unilateral sanctions by any country.
Sushma Swaraj
Foreign Minister, India

RBI (The Reserve Bank of India), India’s central bank, claimed about a harmful policy in April mandating RBI-regulated financial establishments ban their customers and users from buying cryptocurrencies like Bitcoin. Banks were also prohibited from providing services “dealing with or settling” cryptocurrencies. Though it isn’t directly stated that the ban extends to transactions settled in cryptocurrency, there is no surprise in the Indian government choosing not make a trade deal in the petro despite the significant discount suggested.

Developed as an instrument for payments in order to contend the economic sanctions and a US-led financial blockade, Venezuela’s petro has faced a lot of criticism from within the country. In March, the National Assembly of Venezuela claimed the ‘unconstitutional’ petro ‘a fraud’.

India isn’t concerned about US sanctions facing Venezuela and Iran, the latter which has now become India’s top crude oil supplier. Indian Foreign Minister also affirmed that the country would continue trading with Venezuela in spite of oil imports from the South American nation being at their lowest levels in over five years.

Lightning Network Wallet by Breez to be Out For iOs

Solution is based on the lightweight client called Neutrino and it wallet supports Submarine Swaps technology
18 June 2019   202

The Breez payment platform introduced a non-custodial wallet for iPhone that supports the Lightning Network protocol.

The basis of the new product is a lightweight client Neutrino. It is also known that the wallet supports Submarine Swaps technology, which makes it possible to conduct transactions between online addresses and the Lightning Network.

The company's blog says that immediately after installation, the application automatically connects the channel to the so-called Breez hub connected to other Lightning nodes, which allows the user to conduct transactions with any participants in the second-level network. In addition, according to the founder of the company, Ron Scheinfeld, the possibility of a refund is provided in the event of challenging purchases.

In a Lightning economy, people trade money for goods and services. Intermediaries — banks, credit cards, online payment processors, and custodians of any kind — are obsolete. All that remains are the people, trading with each other anywhere, anytime, free to do what each of them thinks is best with their own money. Scale is no longer a concern. Transactions are virtually instantaneous and practically free. The people are free too. Finally.

Roy Sheinfeld
Co-Founder and CEO, Breez

The company also noted that within only two months after the release of the version for Android, Breez benefited from "hundreds of users." Currently, the wallet is in beta.

On the eve of the release of the iOS application, the startup managed to attract $ 500,000 from Recruit Strategic Partners and Fulgur Ventures. The funds will be used to develop an application for merchants, allowing them to accept Lightning-payments.