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   1210

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

South Korea to Invest $1B in Blockchain Startups

Blockchain is a revolutionary technology and an integral component of the Fourth Industrial Revolution, local authorities believe
19 February 2019   93

Until 2022, Seoul authorities are investing 1.2 trillion South Korean won ($ 1.07 billion) in fintech startups working with distributed ledger technology. This is reported by CoinDesk.

Funds will be allocated for the development of new technologies through the Seoul Innovation Growth Fund, created last year by local authorities. The foundation will support startups working on various solutions, including those that are in the early stages.

In the first half of this year, the Fund will allocate 13.25 billion won ($ 11.75 million) and 8.4 billion won ($ 7.45 million) in the second half of 2019. For the Korean authorities, the blockchain is a revolutionary technology and an integral component of the Fourth Industrial Revolution.

The officials also noted that the average investment per start-up at an early stage of development in South Korea is almost seven times lower than, for example, in Silicon Valley.

Last fall, Seoul authorities submitted a five-year development plan for the blockchain industry.