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| January 16, 2019

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Rome Mayor Quickly Reverses Plan to Keep Fountain Coins

January 14, 2019 |

The proper way to toss a coin into Rome’s famed Trevi fountain is to do so over your shoulder. Just don’t think about what happens after that, because it’s apparently quite the touchy subject. The city of Rome has traditionally given the tossed coins—they add up to about $ 1….
Newser

Russia Not Ready for the Petro, Proposes Plan to Aid Venezuela Without It

January 13, 2019 |

Acknowledging Venezuela’s efforts to deal with inflation and sanctions by creating a state-issued cryptocurrency, Russian officials have nevertheless declined a proposal to use the oil-backed coin in bilateral trade. According to Russian media, Moscow has recently offered Caracas a set of measures aimed at mending the country’s economy but the petro is not among the recommendations.   

Also read: Tron Can’t Handle Bittorrent’s Transaction Volume, Former Exec Claims

Russia Recommends Traditional Economic Reforms

The Russian Federation has taken steps to help its strategic South American ally to overcome the deep economic and financial crisis. A high-level delegation visited Caracas in November and delivered a plan to improve Venezuela’s economy. Moscow’s ideas were recently made public by Russian media. It turns out the petro is not part of the Russian strategy.

Russia Not Ready for the Petro, Proposes Plan to Aid Venezuela Without It

The group of Russian government experts, headed by deputy finance minister Sergei Storchak, gave Venezuelan authorities a list of economic measures. It’s now up to Nicolas Maduro’s administration to implement them. He recently won the presidential election and officially took office last Thursday, starting a new six-year term as head of state of the impoverished country. Maduro was reelected despite the 1.3 million percent inflation last year which forced 3 million Venezuelans to emigrate from their homeland to neighboring countries.

The economic recovery plan contains five key recommendations. The first measure proposed by Russian economists is to introduce unconditional basic income for the suffering Venezuelan households, Russian news outlet The Bell reported. The money can be provided by revoking the fuel subsidies currently paid by the Venezuelan government.

The second advice is to “shut down the money printing press,” – in other words stop financing the budget deficit with newly printed money. In August last year, Maduro’s government deleted five zeros to redenominate the national fiat currency. However, with no efforts to cut the deficit, the “sovereign bolivar” lost 95 percent of its value against the U.S. dollar.

Russians Advise Caracas to Focus on Indirect Taxes

The Russian delegation urged Caracas to conduct a tax reform. The Moscow emissaries told Venezuelan authorities they should follow Russia’s example and focus on indirect taxation instead of relying on direct taxes. They also advised Venezuelan officials to increase oil production and diversify the country’s exports.

Russia Not Ready for the Petro, Proposes Plan to Aid Venezuela Without It

Probably out of diplomatic courtesy, the Russian representatives gave a positive assessment of Venezuelan attempts to solve the problems with hyperinflation and foreign sanctions using the oil-backed national crypto, the petro. But according to the Russian press, they also told their Venezuelan colleagues that Russia is not ready to accept the digital coin as a unit of account in bilateral trade.

Following the meetings with the Russian delegation, President Maduro, who also recently visited Moscow, stated that his country relies on Russia to ensure its economic independence. Venezuelan officials have not yet commented on their readiness to implement the Russian recommendations but Caracas has already managed to secure economic aid from Russia. Moscow will invest $ 5 million in its oil industry and provide 600,000 tons of grain. That’s on top of the $ 17 billion in loans that, according to Reuters, the Russian government and the state-run oil company Rosneft have given to Venezuela since 2016.

What is your opinion about the economic measures proposed by Russia? Do you think Venezuela will implement the reforms? Tell us in the comments section below.


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The post Russia Not Ready for the Petro, Proposes Plan to Aid Venezuela Without It appeared first on Bitcoin News.

Bitcoin News

Pay-TV giants plan to raise prices for customers who haven’t cut the cord

January 6, 2019 |

Another year, another increase to your monthly pay-TV bill.

Giants including Comcast Corp., Dish Network Corp. and AT&T Inc.’s DirecTV plan to raise rates again in the new year, a move that could boost revenue but risks alienating subscribers, who have been ditching their traditional TV subscriptions…


L.A. Times – Business

CNN

Nuclear tyrant or global statesman? Kim Jong Un’s 2019 game plan for North Korea awaits

December 31, 2018 |

Kim Jong Un shocked the world in 2018 by transforming his image from nuclear-armed tyrant to global statesman.
CNN.com – RSS Channel – World

Rand Paul defends Trump plan on Syria, backs similar pullout in Afghanistan; others in GOP remain skeptical

December 24, 2018 |

U.S. Sen. Rand Paul reiterated his support for President Trump’s decision last week to remove 2,000 American troops from Syria, appearing on Sunday talk shows to assert that the president had made the right move and was doing “exactly what he promised” voters when he campaigned in 2016.
FOX News

Federal Reserve’s plan for interest rates is flexible, Fed official says. Markets plunged anyway

December 23, 2018 |

The president of the Federal Reserve Bank of New York sought to reassure investors Friday that the U.S. central bank will listen to financial-market signals in setting interest rates, emphasizing that the outlook for some more gradual hikes next year is guidance, not a commitment.

“This is not…


L.A. Times – Business

Britain and EU Plan for Brexit Breakdown

December 21, 2018 |

Britain and the European Union are stepping up planning for a scenario they have both long struggled to avoid: the exit of the U.K. from the bloc in March without a withdrawal agreement.
WSJ.com: What’s News Europe

CNN

China won’t back down on plan to dominate tech

December 19, 2018 |

China’s efforts to become a global powerhouse in the technology of the future are under attack. But don’t expect it to beat a retreat.
CNN.com – RSS Channel – World

California scraps plan to tax text messages

December 17, 2018 |

California regulators have canceled a plan to charge a fee for text messaging on mobile phones.

The California Public Utilities Commission reversed course after a Federal Communications Commission ruling last week classified text messaging as an information service and not a telecommunications…


L.A. Times – Business

Robinhood just launched a 3% checking and savings plan. It’s really just a dressed-up money market mutual fund

December 15, 2018 |

Robinhood Financial’s grand plan to disrupt the traditional bank account with a checking-and-savings offering isn’t quite as innovative as it might seem. It’s effectively a classic money market fund with a few additional bells and whistles.

The start-up, which got off the ground as a no-fee stock…


L.A. Times – Business