Venezuela Calls 10 Countries to Support El Petro

It is expected that the new cryptocurrency will be released in six weeks
15 January 2018   586

The President of Venezuela Nicolas Maduro held a meeting of the Bolivarian Alliance for the Peoples of Our America — Treaty of Commerce of the Peoples (Alba — TCP) on Friday, where he called for 10 other countries to adopt oil-backed cryptocurrency El Petro.

I put on the table, brother governments of the ALBA, the proposal of the cryptocurrency, the petro, so that we assume it as one of the projects of the integration of the 21st century in a bold way, but also in a creative way.

 

Nicolas Maduro

The President of Venezuela

The members of ALBA are Antigua and Barbuda, Bolivia, Cuba, Dominica, Ecuador, Grenada, Nicaragua, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines and Venezuela.

Despite the National Assembly of Venezuela voted against the establishment of el Petro on January 10, Nicolas Maduro announced plans for a “petro” premine. It is expected that the new cryptocurrency will be released in six weeks.

On Friday, the Minister for Youth and Sports, Pedro Infante, said Venezuelan youth will propose to the Assembly “to create a special commission that will be in charge of debating the proposals presented by the various sectors, to carry out the financial system of the cryptocurrency Petro.”

Bank of America: Cryptocurrencies Are a Threat

Bank of America (BoA) has admitted to US regulators it can not pretend any longer that cryptocurrencies are not a threat
23 February 2018   136

On February 22, the report was filed with the US Securities and Exchange Commission (SEC). It listed a range of economic, geopolitical, and operational risks that the Charlotte, NC-based bank faces as it heads into the new fiscal year. Crypto adoption was on the list for the first time.

Bank of America (BoA), which recently banned purchasing of crypto with credit cards, stated that this and other similar policies could cost the bank clients.

Clients may choose to conduct business with other market participants who engage in business or offer products in areas we deem speculative or risky, such as cryptocurrencies.

The second largest bank in the U.S. said that adoption of cryptocurrencies could require the bank to make “substantial expenditures” to update its existing services and remain competitive with upstart firms.

The widespread adoption of new technologies, including internet services, cryptocurrencies, and payment systems, could require substantial expenditures to modify or adapt our existing products and services.

According to the Bank of America, cryptocurrencies could limit the institution’s ability to comply with anti-money laundering regulations.

Eventually, this is one of the first public admissions that financial institutions are beginning to worry that mass cryptocurrency adoption could one day become a reality.