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Venezuela Unveils ‘Petro’ Cryptocurrency To Shrug off U.S Led Financial Sanctions

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Venezuela government is working on a new cryptocurrency as it looks to circumvent financial sanctions, initiated by the U.S, that have crippled the economy. In a Christmas television special, President, Nicolas Maduro, said the cryptocurrency will be backed by commodity reserves of oil gold and natural gas.

Petro Cryptocurrency

The President is banking on the new cryptocurrency, dubbed ‘Petro’, to reduce the country’s dependence on the U.S led sanctions. The leftist leader expects the new currency to help the country advance issues of monetary sovereignty and overcome the financial blockade.

Maduro’s believes Petro is the only way the country will be able to meet its financial obligations on the global scenes. He also expects the cryptocurrency to help combat Washington-backed conspiracy that he believes intends to end socialism in Latin America.

Bolivar, the country’s currency has felt the full effects of sanctions imposed by the Trump’s administration, Its value against the dollar having taken a big hit. Rapid inflation in its prices has resulted in a surge in consumer prices considerably affecting consumer’s purchasing power.

A move by Venezuela to venture into the cryptocurrency space underscores the challenges the country faces as it tries to move cash around international markets. With the bolivar consistently in free fall, the country is in dire need of a stable currency to be able to take part in the export and import business.

Currency Controls Effects

Attempts’ by Maduro and regime to shore up bolivar’s value have failed miserably. Excessive money printing and currency controls have led to a 57% depreciation of the country’s currency against the dollar, consequently dragging the monthly minimum wage to $4.30.

Currency controls have since forced some people to shift towards cryptocurrencies such as bitcoin. The shift has helped most of them bypass the controls and gain access to dollars considerably boosting their economic stability.

Maduro sentiments come as bitcoin continues to set new highs while garnering massive interest across the globe. There is already talk that the cryptocurrencies wide acceptance could soon result in it becoming a valid asset for mainstream investors.

However, opposition leaders have already shown the clearest indication that the realization of a Petro is a farfetched dream. The legislators maintain that any step to introduce a new currency in the country will need congressional approval something that is unlikely to happen anytime soon.

“It’s Maduro being a clown. This has no credibility,” opposition lawmaker and economist Angel Alvarado told Reuters. Fellow opposition leader Jose Guerra has also suggested that there is no hope of Petro ever seeing the light of day.

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Image courtesy of Rodrigo Suarez via Flickr

Blogs

How Can Foreigners Get Loans in Singapore

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loans for foreigners in Singapore
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Foreigners who are residing in Singapore and looking for financing could do so in the form of a payday loan. It is good to find out that you can borrow the money from a reputable lender and that the interest rates are low enough for it to be a viable option. Online lenders that specialize in doing business in the country can certainly help one. These online companies are not only reliable, but their service is fast.

At the same time, many cannot afford a high standard of living. Many individuals cannot afford essentials, such as a car or a house. It can be difficult for the majority of the working class to scrape through on their basic salary. 

What defines a foreigner in Singapore? 

A foreigner in Singapore means that you are not a permanent or natural citizen there. As a foreigner, you will not be holding a Singaporean passport. The rules can differ a little for foreigners and residents. Singapore, being a multinational hub, houses many foreigners within the city. Foreigners come to Singapore for the many attractions it offers. Many people come to Singapore for Work-related purposes. A lot many also come for vacations or to visit a friend or a relative. Some foreigners come with a plan to move to Singapore permanently, attracted by their lavish lifestyle. Singapore also…

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Altcoins

Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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Aluna.Social
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When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve,…

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Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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