Venezuela to pre-mine Petro and launch in 6 weeks

On the next day after "Petro" was declared illegal by parlament, the government of president Nicolas Maduro announced plans to pre-mine it
12 January 2018   462

A day after the parliament declared Venezuela's "oil-backed" crypto currency illegal, the country's government, led by President Nicolas Maduro, announced plans for a "petro" premine. It is expected that the new crypto currency will be released in six weeks. This is reported by Bitcoin. com.

The petro will not be minable but [will be] pre-mined, that is, the complete emission will be under the control of the country. In addition, it will be assigned with a procedure similar to that of an auction. In a period of a month and a half, the sale of the petro cryptocurrency will take place” and people will be able to create their digital wallets.

Carlos Vargas

The Venezuelan Superintendent of Cryptocurrencies and Related Activities

What exactly is the crypto-currency platform is meant, Vargas did not specify. However, the most famous platform that is often used to create such tokens is the Ethereum blockсchain system with its ERC20 standard, which just means a pre-main.

As one of the Reddit users noted, the image of the Ethereum token can be found on the website of the Venezuelan Ministry of Communications; In the title of this file there is the word "petro".

Mining crypto currency is considered illegal in Venezuela. Earlier, Venezuelan miners had already been arrested for stealing electricity. However, according to Vargas, mining brings a big profit, which, accordingly, is a financial injection: "People will be able to engage in mining without fear of persecution. All these miners are invited to a meeting devoted to topical issues. 

The parliament's decision to recognize the new crypto currency illegal Vargas called disregard for its own country, explaining this by saying that "petro" gives Venezuelans an instant opportunity to protect themselves from inflation.

South Korea to Toughen Mining Chip Import Rules

Mining chips will have to meet legal requirement for importation, such as safety and sanitation certifications
19 April 2018   105

In South Korea, foreign-made crypto mining chips import rules can be complicated in the near future.

As reported by CoinDesk with reference to the statement of the Korean Customs Service (KCS) the government agency added mining chips to the list of goods that must meet certain criteria established by the current legislation for importation into the country, including certificates of security.

New requirements were introduced after the customs service discovered an increase in the number of mining chips imported into the country. So, in November and December last year, according to KCS, 454 mining chips were imported to the country for a total of 1.3 billion won ($ 1.2 million).

Since the mining devices consume a significant amount of electricity and produce a lot of heat, their operation is associated with an increased risk of fires.

To neutralize these risks, the service will monitor the safety of imported devices in accordance with the requirements established by the National Radio Agency.