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Venezuelan president Nicolas Maduro openly invites OPEC nations for a joint development of a platform used for trading new oil-backed cryptocurrencies. Venezuela has been planning the pre-sale of the petro, the country's own oil-backed digital currency which will be used to pay taxes, fees, and for public services.
"The Bolivarian Republic of Venezuela guarantees that it will accept petros as a form of payment (for national taxes, fees, contributions and public services)."
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In a recent Russian bankruptcy case against a debtor the court ruled that the citizen was required to provide information on cryptocurrency holdings. The debtor, Ilya Tsarkov obliged to provide the password to his wallet, however his representative argued that crypto “are not recognized by the state and thus, they could not be considered as property”.
This is the first recorded attempt to view cryptocurrency as property in a bankruptcy case.
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GM to the Bank for International Settlements (BIS), Agustín Carstens recently gave a speech at Goethe University in Frankfurt in which he highlighted his concerns for the growing interest in digital currencies. Carstens makes the claim that money is strongly connected to the government and crypto has a severe lack of regulation leading to financial instability if it is to be relied upon. Carstens then described Bitcoin in particular as having three major flaws;
-debasement
-trust
-inefficiency
He concludes: “while perhaps intended as an alternative payment system with no government involvement, it has become a combination of a bubble, a Ponzi scheme and an environmental disaster”.
Social media: TBA
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