National Assembly of Venezuela Outlaws El Petro

The National Assembly of Venezuela declared Petro illegal, calling it an effort to illegally mortgage the cash-strapped country’s oil reserves
10 January 2018   697

The National Assembly of Venezuela voted against the establishment of the national cryptocurrency “el Petro” on Tuesday, calling it an effort to illegally mortgage the cash-strapped country’s oil reserves.

In December 2017 Nicolas Maduro announced his plans to create a cryptocurrency backed by oil, gas, gold and diamond reserves in effort to advance monetary sovereignty, as it will help to overcome the financial blockade and thus move towards new forms of international financing for the economic and social development of the country.

Maduro said on Friday that his government would issue nearly $6 billion of petros as a way to raise hard currency and to evade financial sanctions imposed by Washington.

According to Prensa Latina, Maduro called on the people to actively repudiate the Assembly’s decision to declare the petro illegal.

Recently, we have reported that Nicolas Maduro allocated 5 billion barrels of oil to ensure the national cryptocurrency “el Petro”.

Japanese 'Money Forward' to Launch Crypto Exchange

Money Forward Financial is going to launch a media crypto platform this summer, and afterwards - a digital assets exchange
24 May 2018   63

The operator of the popular application for personal finance management Money Forward Inc intends to launch a cryptocurrency exchange this year, BC Focus reports.

Japanese fintech-company has been working in this direction since December last year. To implement the plans, the company has already registered a subsidiary division called Money Forward Financial.

Money Forward Financial is going to launch a media cryptocurrency platform, and afterwards - a digital assets exchange. In the future, the company plans to create a number of more advanced solutions for working with crypto-currencies, including automated payment systems and various analytical tools.

Currently, the customer base of the company has about 5 million users. The cloud application of Money Forward Inc for tax accounting and financial management is used by 500,000 Japanese companies and 2,400 accounting firms.

Big Japanese financial institutions are making steps to cryptocurrency business. Mitsubishi UFJ Financial Group (MUFG), world's 5th biggest bank has announced plans to introduce own cryptocurrency by 2019.