Venezuelan Government Bodies to Accept Crypto

Decree gives entities 120 days to start accepting petro
13 April 2018   344

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%.

Japan to Tighten Regulation Due to Zaif Hack

$ 62 000 000 worth cryptocurrency was stolen from the Zaif exchange few weeks ago
25 September 2018   70

Hacking of Zaif exchange is the reason for toughening control over the market by the financial regulator of Japan, Reuters reports.

The first measure taken was administrative sanctions against the exchange and its operator Tech Bureau Corp. The Financial Services Agency (FSA) has expanded the list of requirements for the latter, pointing out the need to identify preventive measures and search for the organizers of the theft.

Shortly before that, researchers of the Japanese financial company Tech Bureau Corp could not provide details of the theft of $ 62 million from the Zaif crypto exchange at the request of the FSA. The Osaka-based operator had to investigate the causes, consequences of the theft and options for compensating the victims. According to the Agency, the financial company could not cope with the task.

According to the Tech Bureau, the exchange was hacked on September 14 within a few hours. The problem with the server was discovered by the site staff on 17 September. Official confirmation of the incident and notification of the authorities was made only a day later.

Recall, the theft of $ 60 million from the Japanese stock exchange Zaif caused a surge of volatility of bitcoin. For a short time the price was able to overcome the distance of $ 400.