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   538

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.

Crypto Billionaire to Lost 5.5k BTC Due to Fraud

Thai scammers convinced 22 yo Finnish crypto billionaire to invest in their 'investment' scheme
13 August 2018   290

The 22-year-old cryptocurrency millionaire lost more than 5,500 bitcoins after taking part in the investment scheme in Thailand. The case attracted public attention because of the possible participation of a Thai actor. This is reported by Bangkok Post.

A group of scammers in June 2017 persuaded Finnish businessman Aarni Otawa Saarimaa to invest in several Thai securities, a casino in Macau and a crypto currency called Dragon Coin.

Scammers claimed that Dragon Coin could be used in Macau casinos. In addition, they brought Saarimaa to this casino to demonstrate the legitimacy of their project. Saarimaa transferred 5 564 BTC to fraudsters.

In January, without receiving any income for his investments, Saarimaa filed a complaint with the Crime Suppression Division's (CSD), along with his local business partner, who believed that this investment scheme was fraudulent.

CSD began to investigate the case and stated that the group made no investment for Saarimaa, instead transferring all the bitcoins to Thai baht and placing these funds on seven bank accounts.

Although it is not clear when exactly the scammers sold the bitcoins, CSD announced that they raised about 800 million baht or about 24 million dollars.

Then followed a months-long investigation, according to which CSD began to suspect that the Thai film actor Jiratkisit "Boom" Jaravijit also took part in the fraudulent scheme - he was arrested last Wednesday.

In addition, the CSD stated that it suspects the actor's brother, Princess Jaravijit, as the "instigator" of this entire scheme. He left Thailand, traveling to South Korea, and then to the United States. According to the Bangkok Post, CSD is currently working with the US to track him down.