POTUS banned purchase of Petro

The decision is made in accordance with the ongoing campaign of pressuring the current government of Nicolas Maduro
20 March 2018   2287

On March, 19 Donald trump issued an order to forbid any purchase operations of the Venezuelan cryptocurrency. Treasury Secretary Steven Mnuchin was authorized to carry out all the necessary enforcement actions to adopt the order. There is an ongoing policy of the US government to oppose the Venezuelan one and pressure it. Such action interferes with the Venezuela interests to enhance its foreign reserves as the transactions of only US dollar and euro were greenlit.

It’s a pretty big blow. Since most cryptocurrencies are not actually backed by anything real, cryptocurrency speculation is based on the greater fool theory -- I can buy this at $100 because there is someone who is a bigger idiot who is going to buy it at $200. When you take the U.S. out of that equation, you reduce the interest and potential for that speculation.

 

Russ Dallen

Managing director, Caracas Capital

The sanctions against Venezuela apart from Petro purchase bad include government officials both current and former like Vice Minister of Internal Commerce, alternate director of the board of National Bank of Housing and Habitat and former president of board of directors of Venezuela Institute of Social Security. The situation of Venezuela will be discussed at G20 conference.

President Maduro decimated the Venezuelan economy and spurred a humanitarian crisis. Instead of correcting course to avoid further catastrophe, the Maduro regime is attempting to circumvent sanctions through the Petro digital currency – a ploy that Venezuela’s democratically-elected National Assembly has denounced and Treasury has cautioned U.S. persons to avoid. We discussed how to achieve our shared objectives of restoring Venezuelan democracy, combating the kleptocracy of the Maduro regime, and responding to the humanitarian crisis caused by Maduro’s economic policy.

 

Steven Mnuchin

Secretary, U.S. Treasury

Bakkt to Release Consumer App This Year

The app can be used for a wide range of tasks, e.g., crypto and securities trading, virtual goods purchase, etc
23 January 2020   90

Institutional Investor Platform Bakkt will release an app for retail investors this year, with which users can pay with cryptocurrency.

According to the president of Bakkt Adam White at the World Economic Forum in Davos, the application can be used for a wide range of tasks. In addition to trading cryptocurrencies, it will support various virtual “goods” like points of loyalty programs.

In addition, in the future it is possible to add securities trading, as well as the creation of a portal for shops and merchants. That is, the application will be more like a traditional fintech product like PayPal than a solution from a cryptocurrency exchange.

Although the Bakkt platform was originally created for institutional investors, the new director of Mike Blandina is very serious about entering the retail market. Earlier, he said that the application for retail investors should be released in the first half of 2020.

I do not think we are there yet. What gives me optimism is that we are seeing a lot of developer interest. I am confident that someone is going to find something.

 

Adam White

President of Bakkt

 White added that the cryptocurrency market is still underdeveloped.