Venezuelan Government Bodies to Accept Crypto

Decree gives entities 120 days to start accepting petro
13 April 2018   370

According to a statement by the government newspaper Official Gazette Venezuelan crypto currency "petro", backed by oil, should become legal tender within 120 days for all transactions made by state institutions - from ministries to airports, Bloomberg reports.

In addition, the Official Gazette says that the government will become the sole regulator of all crypto assets, and the newly created national Cryptocurrency treasury will be responsible for regulating all crypto activity - from issue to trading. In another statement published on Tuesday, the Venezuelan government reported that Abrahan Landaeta will become head of the Crypto currency treasury, and Anthony Camillio Torres is the chief in virtual currencies.

The decree is intended to facilitate the use of "petro", but there are certain obstacles to implementing this policy - the main aspects of the Venezuelan crypto currency are still kept secret, and many rating sites have already called it a scam. Last month, President Nicolas Maduro said that Venezuela had already received offers to buy tokens worth $ 5 billion from several countries, including China, Russia and Mexico - but no evidence has been provided so far.

With the help of "petro" Venezuela hopes to benefit from global blockade fever, as well as to withdraw its economy from a severe recession, which is accompanied by a rapid fall in the rate of the main Venezuelan currency. According to the IMF forecast, by the end of the year, inflation in Venezuela will reach 13,000%, and the country's GDP will decrease by 15%.

Brazilian Central Bank to Issue Stablecoin

According to participants of the project, the issue of the BNDES coin will help restore public confidence in Brazilian state banks
17 December 2018   68

The state-owned Brazilian National Social Development Bank intends to issue a cryptocurrency token tied to the Brazilian real. It is reported by CoinDesk.

The pilot project for the production of a token BNDES based on Ethereum will start in January next year. At first, the coin will be used to finance cultural institutions. In particular, the bank will allocate a certain number of new tokens to the local cinema agency.

As the newspaper notes, the bank conducted experiments with steyblecoin throughout 2018. The consultant of the project for the release of a new “stable coin” will be the well-known Ethereum start-up ConsenSys.

According to representatives of the bank, the issue of the BNDES coin will help restore public confidence in Brazilian state banks, which are often criticized due to corruption scandals.

Also, the bank is confident that in the future, stablecoin can be used to finance organizations and projects from various fields.

Note that recently in Brazil there has been a trend towards liberalization of the regulation of cryptoindustry. For example, in October, the Brazilian Securities Commission allowed local investment companies to invest in a cryptocurrency ecosystem through the acquisition of derivatives and shares in foreign funds. It is noteworthy that at the beginning of the year the same financial regulator announced the prohibition of both direct investment in cryptocurrency and indirect investment through intermediaries in the person of foreign companies.