Venezuelan Banks to Use El Petro to Display Balances

First two banks that started to demonstrate users' balances in El Petro are Banesco and Mercantil
07 November 2018   601

Some Venezuelan banks began to display the balances on users' accounts in the national cryptocurrency El Petro, reports.

User's balance in El Petro
User's balance in El Petro

Thus, despite the fact that the majority of residents are not particularly interested in using “oil-secured” cryptocurrency, financial institutions of the country carry out the orders of the authorities, actively integrating the new means of payment into online banking. This includes, in particular, the Venezuelan banks Banesco and Mercantil. The source also reports that BBVA Provincial and BFC will soon follow the example of these banks.

In August, the authorities of Venezuela, within the framework of the monetary reform, denominated the local currency, depreciated due to hyperinflation. Five zeros were removed from the nominal value of the old monetary unit. The authorities also promised to link a new monetary unit, bolívar soberano (“sovereign bolivar”), to the digital currency of El Petro. In addition, the head of state Nicolas Maduro announced the binding of the system of prices and wages.

After some time, Reuters conducted a journalistic investigation, during which it became clear that El Petro isn't backed by anything.

TON to Launch by October 19 or Contracts Are Void

This information was found in the documented, drawn up on behalf of the founder of Telegram
22 February 2019   93

The blockchain platform Telegram Open Network (TON) should be launched no later than October 31, 2019. Otherwise, all agreements for the purchase of Gram tokens with the project investors will be canceled. This is evidenced by a document drawn up on behalf of the founder of Telegram Pavel Durov, but not signed by him.

It details the legal details of the purchase of Gram tokens, as well as the legal nuances of the distribution of tokens in certain jurisdictions.

According to the document, the Gram token will be issued and distributed immediately after launch blockchain platform TON. If the release of the main network does not take place until October 31, 2019, the contract will be invalid.

Document contains the address of Harneys Law Firm in the British Virgin Islands, where Telegram itself is registered.

As previously reported by ForkLog, the TON blockchain platform is 90% complete, the launch of the test network is scheduled for the end of March 2019.

The organizers of the ICO Telegram attracted $ 1.7 billion from a limited group of investors to develop the TON network.