Cryptocurrencies continue to slide as Venezuela’s President announces the official launch of country’s oil-backed Petro token in November
Oct 02, 2018
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- A report released by Diar finds that venture capital investment in blockchain enterprises and cryptocurrency firms has increased 280% so far in 2018. Cryptocurrency and blockchain technology firms have raised USD$3.9 billion so far from venture capitalists in 2018, a massive jump from roughly USD$1 billion in 2017. Amount of deals done between venture capitals and blockchain/cryptocurrency related firms also increased from 211 deals in 2017 to 384 deals in 2018.
- According to a report by Bloomberg, Puerto Rico’s Noble Bank International, which is known for opening customer accounts for USD-backed token Tether and cryptocurrency exchange Bitfinex, is searching for a buyer. Noble Bank reportedly lost both Tether and Bitfinex as clients and is looking to sell for between USD$5 million and USD$10 million. A majority of Noble Bank’s value comes from the Puerto Rican license it possesses to practice international finance operations.
- Brave’s CEO, Brendan Eich, drafted and sent a letter to the US Senate calling on legislators to adopt data privacy regulations similar to the ones recently implemented in Europe. The data privacy regulations adopted in Europe in 2016 strengthens privacy regulations and gives EU citizens far more control over how their personal and private data is used. In the letter, Eich explained that these regulations would make it easier for startups to enter the marketplace while protecting US consumers.
- In a speech on Monday, Ukrainian legislator, Yuriy Derevyanko, urged Ukrainian legislators to review his alternative cryptocurrency bill that would freeze taxes of cryptocurrency traders until 2030. Derevyanko is a member of the anti-corruption Movement of New Forces, a political movement founded in 2017 by Georgian politician Mikheil Saakashvili. In explaining the reasoning for this tax freeze, Derevyanko cited that cryptocurrencies could be an “engine” for a new economy in Ukraine.
- Initial coin offerings are flocking away from the United States as regulatory scrutiny continues. According to a report by blockchain analytics firm, Elementus, 17 initial coin offerings launched in Singapore this past August while only 15 launched in the US. This marks the first time since December 2017 that the US did not possess the most initial coin offerings in a given month, when Russia’s 19 initial coin offerings surpassed the United States’ 17.
- Min Byung-doo, a Democratic Party lawmaker in South Korea’s National Assembly, has called on the state to “open up the road” to initial coin offerings. Byung-doo urged South Korea’s National Assembly to ease cryptocurrency regulations and legalize initial coin offerings in the country. Byung-doo believes that regulation can be pursued that strictly prohibits the negative factors of initial coin offerings, including fraud, speculation, and money laundering, while still enabling all of the positive factors of initial coin offerings.
- The severe bug discovered and patched in Bitcoin’s code several weeks ago was exploited today on a Bitcoin hardfork, Pigeoncoin. An unknown attacker successfully leveraged the bug to print 235 million counterfeit Pigeoncoins, worth about USD$15,000. Pigeoncoin developers have since patched the bug. According to cryptocurrency developer, Scott Roberts, the main takeaway of this event is that the bug in Bitcoin’s code was really as bad as it sounded.
- Venezuelan President, Nicolas Maduro, appeared on national television Monday to announce the official launch of the Venezuelan state-backed cryptocurrency the Petro. President Maduro explained that the official website of the Petro has already launched while the Petro itself is set to go on sale on November 5th. The Petro will be available on six major cryptocurrency exchanges, although President Maduro did not specify which ones. President Maduro also stressed that the Petro is backed by Venezuelan oil while explaining all Venezuelan oil purchases in and out of the country must be paid in Petros.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio