Blogs

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

Published

6 years ago

December 11, 2017

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

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

Published

3 years ago

January 25, 2021

chainwire

Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful…

Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

Published

3 years ago

December 31, 2020

Paul Wilson

2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

Published

3 years ago

December 24, 2020

chainwire

Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has…