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Sears Holdings met with lenders to discuss emergency financing for the retailer. Lenders are pushing for the company to liquidate its assets. The meeting ended without an agreement.
WSJ.com: US Business
Stocks opened broadly lower on Wall Street on Wednesday, led by drops in technology and other companies.
Sears Holdings plunged 37% after the Wall Street Journal reported that the struggling retailer is preparing a bankruptcy filing.
Snap Inc., the Santa Monica company behind social-media app Snapchat,…
A bipartisan group of senators in the United States are seeking strong sanctions against Venezuela’s Petro. The proposed sanctions would extend an executive order from March to prohibit U.S. residents from providing software to the Venezuelan government in its efforts to launch the Petro.
U.S. Lawmakers Seek Tighter Sanctions Against Petro
A bill sponsored by U.S senators Senators Bob Menendez, Marco Rubio, Bill Nelson, John Cornyn, Dick Durbin, David Perdue, Ben Cardin, Ted Cruz, Tim Kaine, Michael Bennet, and Patrick Leahy has sought tighter sanctions against Venezuela’s state-backed cryptocurrency.
The bill, first introduced to Congress on the 24th of September and titled the ‘‘Venezuela Humanitarian Relief, Reconstruction, and Rule of Law Act of 2018,” extends upon an executive order signed by President Donald Trump during March that placed sanctions against Venezuela for seeking to bypass existing economic sanctions via the Petro. Further, it prohibits U.S. residents from “provid[ing] software” to the Venezuelan government in its move to launch the Petro.
The bill states: “All transactions related to, provision of financing for, and other dealings in, by a United States person or within the United States, any digital currency, digital coin, or digital token, that was issued by, for, or on behalf of the Government of Venezuela on or after January 9, 2018, are prohibited as of the effective date of this order.”
Bill Ostensibly Seeks to Provide “Humanitarian Relief” To Venezuelans
The act is described as intended to “provide humanitarian relief to the Venezuelan people and Venezuelan migrants, to advance a constitutional and democratic solution to Venezuela’s political crisis, to address Venezuela’s economic reconstruction, to combat public corruption, narcotics trafficking, and money laundering, and for other purposes.”
Jerry Brito, the executive director or Coin Center, stated of the sanctions: “While Venezuela’s attempt to issue a cryptocurrency is novel, there’s nothing new about the U.S. restricting financial dealings with sanctioned countries,” adding “Issuing a cryptocurrency is not going to help Venezuela escape sanctions.”
The official public sale of the Petro is scheduled to commence on the 5th of November.
What is your response to the reaction of the United States government to Venezuela’s plans to launch the Petro? Share your thoughts in the comments section below!
Images courtesy of Shutterstock
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The post U.S. Senators Push for Stronger Sanctions Against Venezuelan Petro appeared first on Bitcoin News.
Global stocks are closing lower Thursday as interest rates in the US continued to rise, the AP reports. Internet and technology companies took some of the worst losses. The yield on the 10-year Treasury note rose further after hitting a seven-year high on Wednesday. Google parent company Alphabet slumped 2….
Angela Merkel’s grip on power took a severe blow when her party’s lawmakers ousted a close ally of the German chancellor as their parliamentary leader and replaced him with a candidate she didn’t endorse.
WSJ.com: What’s News Europe
To promote the sales of its new electric cars, Volvo’s performance luxury brand will let customers choose from an all-inclusive subscription model that combines automotive costs such as insurance and maintenance into a single monthly payment. No money will be required upfront.
It’s less like car…
A federal push is underway to establish a national framework for legalized sports betting even as several states have already undertaken the necessary steps to set up their own markets.
News dominating the current cycle is all about bitcoin core (BTC) skipping above the psychological $ 7,000 price point. However, quietly, determinedly, the altcoin Dash has been besting all comers. It is up double digits in recent days, thanks in part to its proponents’ dogged hustle and commitment to emerging economies such as Venezuela.
Venezuela Dash Adoption Helps Price Surge
Dash CEO Ryan Taylor explained, “Our partnership with Kripto will put all the components needed to use Dash preloaded into the phones of 10,000 new Venezuelan consumers every month.”
So called ‘KRIP phones’ contain “a Dash wallet to store Dash, services to obtain Dash, and the Bitrefill app to enable spending on various services. This complements the over 1,000 merchants already accepting Dash in Venezuela, and really addresses the chicken and egg problem of attracting both consumers and merchants to our growing ecosystem,” he detailed to Business Insider. It’s working.
Mr. Taylor expects the Scottsdale, Arizona company to gain monthly users in the region by 10,000 after its official teaming with Kripto Mobile Corporation (KRIP). KRIP is a smartphone specifically designed to handle cryptocurrency, and is well known in South America.
Dash appears to be leading a cross-market rally among cryptos, a turn of events enthusiasts are hoping remains. For the first time in weeks, BTC has leaped beyond the $ 7,000 price threshold, Dash is up more than 20% in seven days, TRX 24%, NEO 17%, and IOTA 44%.
The Coin That Could
In the heady days of late 2017, Dash hit a high of over $ 1,400 and was routinely in the top ten cryptos by market cap before following the broader market down – way down. In the last week, however, it has become the little coin that could (if a $ 1.6 billion market cap and number 13 ranking can be considered ‘little’), rising over 30% to settle at slightly under $ 200 per Dash as of this writing.
It is doubtful anyone would wish more misery on Venezuelans, but the inverse relationship seems to have been good for Dash, and for Venezuelans who seek a way out of its bolivar. Though the government has tried to offer its own version, a state-backed crypto called the Petro, it hasn’t yet lived up to promises. And some estimates see inflation in the country as soon approaching seven-digit percent astronomical horrors. Dash, in contrast, has been able to enlist vendors, some 200 a month, in the country, including clothing companies (Calvin Klein) and fast food franchises (Subway).
Luis Sosa of Kripto Mobile stresses how they are “seeing an incredible transition period in Latin America with those who are unbanked, underbanked, or simply do not want to use the traditional banking system. Combining our accessible, affordable phones with Dash’s Instant Send transaction capabilities and low fees will provide a myriad of benefits to these communities. And with the addition of Bitrefill and other Dash apps, such as the Dash wallet, to our phones right out of the box, there’s simply no easier way to start using cryptocurrencies like Dash in everyday life.”
While Dash’s gains can be partially attributed to work on the ground, “I have no clue why NEO (AKA Chinese Ethereum) is rising,” Senior Market Analyst for Etoro, Mati Greenspan, declared in puzzlement. “This could just be the general excitement in the crypto market – there doesn’t always need to be a news story tied to a movement.”
Do you think Dash can keep this momentum? Let us know in the comments below.
Images via Pixabay, Dash.
We’re celebrating Bitcoin Journalist Pioneer Jamie Redman’s work. Check out Jamie Redman’s author archives. It’s an encyclopedia, a living history of crypto.
The post Venezuela Loves Dash: Altcoin Surges 30% on Adoption Push appeared first on Bitcoin News.
The liberal news media have a new favorite word to use when discussing President Trump: impeachment.