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Cornered Maduro’s Regime trades in Rubles and Crypto avoiding US sanctions

James Dendson

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The regime of Nicolas Maduro is in talks with Russian economists to use the ruble and “The petro” to make transactions between both countries, trying in this way to avoid the sanctions imposed by the United States after the crimes of the socialist government.

The representative for the UN of Maduro’s cabinet, Jorge Valero, said that he had been in negotiations with the Russian organization “Russia Today” to give way to negotiations using other alternatives to the American dollar.

Despite not being recognized by any exchange within the digital asset market worldwide, the “Petro coin” is the escape route to the sanctions imposed by the US government led by Donald Trump, given that its value is directly linked to the barrel of petroleum. The Venezuelan national currency tries to assume a value based on crude oil to import products from abroad.

Russia Today declared:

“United Sates penalties against the Venezuelan oil sector, along with freezing its dollar accounts, has had a huge negative impact on the country’s economy. Therefore, the measures deprived the Latin American nation of free access to international financial support and investments in its oil sector.”

US Treasury sanctioned Venezuela after a long history of crimes related to corruption, money laundering, false accusations of espionage, unpaid debts and persecution of opposition sectors. The crypto exchange “Evrofinance” was also sanctioned after the launch of the Petro, since its only objective would be to avoid the consequences of the sanctions issued by the United States.

US Treasury sanctioned Venezuela after a long history of crimes related to corruption, money laundering, false accusations of espionage, unpaid debts and persecution of opposition sectors. The crypto exchange “Evrofinance” was also sanctioned after the launch of the petro, since its only objective would be to avoid the consequences of the sanctions issued by the United States.

Currently, there is no certified form to pay for services or goods using cryptocurrencies in Venezuela (beyond certain personal negotiations), even many people have been persecuted and jailed for Bitcoin mining despite not being an illegal activity in this country, in order to maintain these equipments held by Maduro Regime’s controlled authorities. For this reason, the sanctions do not directly affect the Venezuelan population, although many government officials will find it difficult to carry out transactions after being sanctioned.

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Crypto

Iranian users will no longer be using LocalBitcoins

James Dendson

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The popular cryptocurrency Exchange LocalBitcoins has established a ban on its services for Iran-based users on its website.

The restriction of Iranian users is due mainly to two factors, the financial regulations imposed by Finland (where the LocalBitcoins barracks are located) and as a result of the sanctions imposed by the United States Government, so this exchange would not be the only one to ban accounts in Iran.

Other exchanges such as Binance and Coinbase also refrain from providing services to users based in Iran, in support of the aforementioned measures. Tensions in the middle east between the United States and Iran have triggered a state of maximum alert, which has caused all federal US workers in the region to vacate their posts and return to their country for security reasons. LocalBitcoins would be only a small consequence in the long list of punishments that this conflict results from.

This results in a heavy blow for users in Iran, as they had the advantage of being able to buy and trade crypto-currencies without having subscriptions to international bank accounts.

Iranian users will no longer be able to make any transactions on the LocalBitcoins platform, however, they will be able to withdraw their funds if they use the website as a wallet, since the point of this sanction is to limit the service but not to generate capital losses.

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Crypto

Presidential candidate Eric Swalwell accepts Bitcoin as contribution for his campaign

James Dendson

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The Democratic candidate, Eric Swalwell has announced that he will accept donations in cryptocurrencies to carry out his presidential campaign for 2020 elections.

The donations will be processed through a technology developed by the firm “The White Company”, which recently announced that the candidate would accept 6 of the most recognized digital assets in the market, including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Stellar (XLR), Bitcoin SV (BSV) and the belonging token to the company White Standard (WSD).

It is the second time that a presidential candidate publicly announces the collection of cryptocurrencies to strengthen his campaign after Democrat leader Andrew Yang did the same. Swalwell stated:

“Blockchain is capable of changing the world if we let it. Part of our public lives is currently existing online, and there’s no reason to believe we can’t extend this further into our democracy and economy – from exercising our right to vote, to the way we’re looking at cryptocurrency.”

With 38 years of age, Eric Swalwell already maintains a political record, having been chosen to represent California’s 15th Congressional district in 2012 and has also served as an active member of the House Permanent Select Committee on Intelligence and the House Judiciary Committee, so he could function efficiently in politics despite being a relatively young candidate.

The candidate has previously expressed his position when it comes to cryptocurrencies, showing very positive with regard to what they mean for the world and the future. Swalwell recently signed a letter to the Internal Revenue Service trying to appease the tax policies on digital assets.

The White Company will process donations in a matter of seconds and will use a stellar-based stablecoin to allow immediate access to funds and reduce volatility to the greatest extent possible.

The founder of this initiative, Elizabeth White, said that by establishing a system of contributions for this campaign, Swalwell not only facilitates the options of participation of the people but also denotes behaviors that support financial democracy and not only the economic power of the wealthy, taking into account the citizens in general.

Although the Democrat Andrew Yang has also established a protocol based on donations in cryptocurrencies, the system imposed by The White Company can process contributions much faster and without the need to make explanatory calls, since it is enough to provide certain basic data such as Name, address, phone number, and occupation, making the process simpler for Swalwell voters.

 

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Politics

US Senate Banking Committee is demanding more information on Facebook’s crypto Project

James Dendson

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Facebook has been working for a while in the Libra project, consisting in the implementation of blockchain and one currency (FB coin) to the social network, although the decisions taken and staff hired, it seems to be something larger than the addition of simple crypto features to the platform. The Committee on Banking, Housing, and Urban Affairs of the United States Senate has requested a report of procedures and details regarding the cryptocurrency project.

Recently, the legal sector communicated its concerns about this “remodeling” of Facebook to its founder and CEO, Mark Zuckerberg. The Senate very openly expressed that the financial integrity of the users must be preserved and condemns the possibility that Facebook could use this data to sell them to unknown third parties, so it requires more information about the policies of the Libra project.

Although this event has had an impact at the media level, it is not the first time that the so-called “largest social network” is involved in legal problems due to privacy violations. Last year, Zuckerberg had to testify before Congress and justify the company’s practices, similar to what happened with Canadian lawmakers when the famous CEO broke several of the country’s privacy rules.

The main economic concerns of the Senate are based on the possibility that Facebook may have access to the credit situation of its users, including the ability to request credit, creditworthiness and data that may or may not affect their credit requests.

The launch of the “FB Coin” was made public after a Bloomberg report that explained how Facebook could be working on a cryptocurrency intended for the instant messaging platform “WhatsApp”, which would serve the inhabitants of India to send remittances to their families and friends.

The New York Times explained through a report that this cryptoactive would be based on a stablecoin, that is, a currency whose mechanisms are intended to prevent the volatility of it and maintain an estimated price. The report also stipulated that the FB Coin would be available on Instagram and Facebook itself.

Facebook has been looking for a billion dollar investment from some of the largest payment systems in the world such as Visa and MasterCard to give economic power to the development of this token.

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