Venezuela’s Digital Currency to be banned by the White House. As mentioned in Mr. Maduro reported final 30 days which his country had begun a presale of the Petro, backed with the nation’s vast petroleum reserves.
Senior Donald Trump Organization officials says the sanctions were meant to apply to the Petro or any other currency issued with or on behalf of Venezuela.The officials spoke on the condition of anonymity to describe the sanctions and their purpose.
Rex W. Tillerson, the departing secretary of state, has proposed which Mr.Donald Trump is considering a block on imports of Venezuelan crude to American refineries. The official says the Organization was probing both broad and surgical sanctions against Venezuelan oil interests.
Venezuela tries to pay Russian debt Utilizing Digital Currency Petro
Now, the Russian Finance Ministry has reported that it would not accept digital currencies from Venezuela to clear off its debt to Russia.
In November of 2017, Russia and Venezuela signed an agreement to restructure Venezuela’s debts to Russia.
The total debt covered in the agreement is around US$3.15 billion, that is owed with Venezuela to Russia.
Soon after this deal was done, Venezuelan dictator Nicolas Maduro reported intentions of creating his own cryptocurrency and named it Petro.
The after influence of the US order was that currency exchanges also started to give the cold shoulder to the Petro.
China To Develop Centralized Crypto, Protects Yuan Against Non-State Digital Currency
As mentioned in The People’s Bank of China (PBoC) going to still to apply strict measures on virtual currencies as fraction of its strategy for protecting and strengthening the yuan (RMB), according to a statement published March 29 on the bank’s website.
At the 2018 national vidimus conference dedicated to the achievements and main challenges facing the Chinese monetary system, the deputy governor of the PBoC Fan Yifei outlined objectives in protecting the yuan.
While Fan supported the development of a government regulated digital currency, noting which 1 objective is, “…to more step up reform and innovation, solidly promote the R&D of the central bank’s digital currency”, he reiterated the importance of protecting the yuan against unofficial virtual currencies. China has taken a series of steps against digital currency trading, adding both foreign and domestic digital asset trading platforms to its Great Firewall, banning premier coin offerings (ICO) and cryptocurrency-related websites, as well as freezing numerous accounts of cryptocurrency exchanges. As a result of these hardline policies, traders have fled to other markets with softer regulations toward cryptocurrencies, like Hong Kong and Japan.
collected by :John Locas