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A second firm is in talks to potentially acquire Chicago-based newspaper chain Tronc.
California-based newspaper chain McClatchy is in “early stage” discussions to buy Tronc, owner of the Chicago Tribune and other major newspapers, a source familiar with the negotiations said Friday.
Financially troubled Venezuela, which is introducing the new, denominated, crypto-anchored “sovereign bolivar” this week, is also the birthplace of a number of alternative coins beside the state-issued, oil-backed national cryptocurrency, El Petro. Crisis-hit Venezuelans are actually using some of them in real life, according to the local crypto community.
El Petro in the Spotlight
Public attention is focused on the petro this week, with authorities in Caracas launching the country’s new and denominated bolívar soberano (sovereign bolivar) that has five zeros less than the bolívar fuerte – the current Venezuelan fiat which is going down in history as one of the world’s most depreciated and inflated currencies. What makes the occasion special is that the new bolivar is pegged to the petro – arguably the world’s first national cryptocurrency. From Monday, the two will coexist together and will remain the only two official units of account in the Bolivarian Republic after the old bolivar is phased out.
Venezuela’s leftist administration, led by President Nicolás Maduro, looks at the oil-backed petro and now the petro-tied bolivar as crucial instruments in the struggle to overcome the country’s economic hardships. But while the socialist government is obsessed with imposing the state-issued coin and restoring state control over the shattered Venezuelan economy, a growing number of Venezuelans have been seeking refuge in “volatile” cryptocurrencies – a relative notion in this case. With almost 12% of all bitcoins traded on Localbitcoins by Venezuelans, according to a new report, their nation accounts for BTC trade worth over $ 700 million USD and places fourth in the leaderboard of the peer-to-peer platform, right after the United States, Russia, and the UK.
In a recent radio interview, the president of the Venezuelan Association of Cryptocurrencies “Asonacrip”, Jose Alvarez, spoke about cryptocurrencies in the light of the opportunities they present to his compatriots who have seen the purchasing power of their fiat money literary evaporate before their eyes. Mr. Alvarez claims there are successful developments beyond the petro in Venezuela. Besides bitcoin and the bolivar, Venezuelans have other alternatives at their disposal, and some of them actually already work, with real-life use cases, as the representative of the crypto community points out. They are both local and crypto, like the petro, but not government-issued, unlike the national cryptocurrency.
Meet Venezuela’s other coins.
Venezuela’s Private Cryptocurrencies
Bolivarcoin – Talking about bolivars, maybe we should mention this one first. There’s not much information about it but let’s summarize what’s available. According to some older forum posts, the Bolivarcoin (BOL) is a crypto inspired by Bitcoin and based on the Litecoin script. The authors say everyone is invited to mine and use “the main virtual currency in Venezuela.” Bolivarcoin’s website, however, does not have the looks of a well marketed project. It gives you the option to ask questions and that’s about it. The last post on Bolivarcoin’s Facebook page is from a couple of years ago. BOL currently ranks 1,265th among digital coins tracked by Coinmarketcap. It has a market capitalization of 17 BTC (~$ 108,000) and costs $ 0.009528 USD per coin at the time of writing.
Onixcoin – Marketed as “Venezuela’s first cryptocurrency,” it has a decent website. Its team has set a goal to “bring financial tools to all Venezuelans and Latin Americans” by providing access to international transfers, unlimited credits and currency trading. The project is actually targeting people with little financial history – recent graduates, students and entrepreneurs were mentioned in a Steemit post earlier this year. ONX, the crypto that “anyone can mine or buy,” currently costs $ 0.002914 USD. It has a market cap of $ 312,048 USD and ranks 957th on the Coinmarketcap platform.
Rilcoin – Another Venezuelan cryptocurrency that according to Alvarez is used in the tourism industry, the goal stated by its team on the coin’s website. Its developers say Rilcoin has been created as a fast, safe and simple cryptocurrency to be used daily in stores and help improve Venezuela’s economy. And because of the crisis, the company is distributing a percentage of the coins mined each month to local charities. There is no data on Coinmarketcap about Rilcoin, but according to the calculator on its website, 1 Rilcoin currently costs $ 0.003 USD.
Perlacoin – The president of “Asonacrip” mentions there have been some developments with this cryptocurrency in Margarita. Earlier this year, the island was designated as a special economic zone by Maduro’s administration along with Los Roques, Paraguaná, Ureña, where the government wants to stimulate the circulation of the state-issued petro. Not a lot of information is available about Perlacoin and the crypto is not listed by Coinmarketcap either. The last activity on the project’s Twitter page is from early March.
Beside these privately-issued cryptocurrencies and the state-emitted oil-backed petro, the government also had plans to create another coin – Petro Oro (petro gold), to be backed by precious metals like gold. In February, right after the launch of the petro, President Maduro announced authorities were preparing to issue the “even more powerful” Petro Oro as well. No details were provided as to whether the second national Venezuelan coin would be backed by the gold reserves of Banco Central de Venezuela or the country’s mineral deposits. Months later, the fate of the project remains unclear.
On August 20, Venezuela devalued the national fiat currency. The new, petro-pegged “sovereign bolivar” has five zeros less than the current “strong bolivar”. The monetary reform was announced as part of a package of measures to improve the socio-economic conditions in the country and restore government control over the economy. The minimum salary will be raised 60-fold to 0.5 PTR, or $ 30 USD a month, but VAT will jump from 12 to 16 percent. Maduro also vowed to restore the price ceiling mechanism which is supposed to allow authorities to limit inflation.
What do you think will happen with Venezuela’s private cryptocurrencies? Share your thoughts on the subject in the comments section below.
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The post A Look at Venezuela’s Other Cryptocurrencies, While the Petro Takes Center Stage appeared first on Bitcoin News.
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The executive power in Uzbekistan has advanced towards legalizing cryptocurrencies and implementing blockchain technology in both government and economy. A new decree signed by President Mirziyoyev mandates licensing for trading and other activities related to the circulation of digital coins. The document also calls for regulating crypto mining and smart contracts.
Preparing the Legal Ground for Crypto Activities
Following in the footsteps of Belarus, Uzbekistan – another former Soviet republic – has taken steps to legalize its crypto sector as part of the efforts by the government in Tashkent to boost the country’s development through innovation. President Shavkat Mirziyoyev has issued a special decree that will help prepare the legal ground for the implementation of blockchain technologies, the circulation of cryptocurrencies, and the regulation of mining.
The document, “On measures for the development of the digital economy in the Republic of Uzbekistan,” was signed on Tuesday and published on July 4. Decree №ПП-3832, which enters into force with its publication, notes that the technologies of blockchain, artificial intelligence, supercomputers, as well as the activities related to crypto assets are some of the main directions for digital development in many countries around the world.
Uzbekistan’s head of state has marked several tasks to further the development of the digital economy, the improvement of government systems and the creation of conditions for innovations in his country. Topping Mirziyoyev’s list is the introduction and expansion of activities related to the circulation of crypto assets, mining, smart-contracts, crowdfunding and blockchain technologies that can diversify investment and entrepreneurship. Some of these terms have been given proper definitions.
The decree also states that currency operations conducted by corporate entities and natural persons, including non-residents, related to the circulation of crypto assets, are not subject to taxation, and incomes received from such operations are not part of the taxable base. Also, crypto transactions by licensed entities will not be governed by the provisions of the regular currency law, according to the president.
Introducing Licensing for Crypto Exchanges
Advancing towards legalizing and regulating the sector, the presidential decree mandates the introduction of a licensing regime for activities related to the circulation of crypto assets. Newly created trading platforms will be issued licenses starting from October 1. The government body charged with overseeing licensing is the National Agency for Project Management under the Presidential administration.
NAPM and Mininfocom, Uzbekistan’s IT and telecom ministry, have been tasked to develop proposals on creating conditions for the development of the crypto space and present draft amendments regarding the licensing regime within two months. Both institutions should also prepare and offer for discussions a draft law “On digital economy and blockchain technologies” by January 1, 2019. Prime Minister Abdulla Aripov has been charged with overseeing the implementation of the presidential decree.
The legal basis will be developed in close interaction between the state and the private sector. As part of the efforts to digitize the country, Uzbekistani authorities also want to organize training courses for blockchain professionals in cooperation with foreign organizations and experts. The Central Asian republic plans to implement blockchain in government procurements, services, registries and data bases, as well as in the corporate management of the large state-controlled enterprises, in clearing operations, payment processing, financing and fundraising. All this is supposed to happen by January 1, 2021.
Behind Schedule on Crypto Regulation
Uzbekistan is actually falling behind its own schedule for introducing crypto regulations. In another decree issued in February, President Mirziyoyev stated that government institutions should finalize a draft law to legally regulate “electronic money” by September 1, as news.Bitcoin.com reported. Mirziyoyev also ordered respective authorities to set up a special Center for Distributed Ledger Technologies within Uzbekistan’s Mirzo Ulugbek Innovation Center.
Opinions on cryptocurrencies in Tashkent, as well as in the neighboring Central Asian capitals, have gradually changed over time and become more positive. Initial warnings about the risks and the possible illicit uses have given way to declarations of support for the implementation of crypto technologies. Kyrgyzstan has announced intentions to introduce crypto payments in public projects, while in Kazakhstan, interest in cryptocurrencies has increased fifteen-fold over the past year.
Do you expect Uzbekistan to quickly legalize cryptocurrencies and crypto activities? Tell us in the comments section below.
Images courtesy of Shutterstock.
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DECOIN’s 2nd pre-sale stage, featuring a 39% bonus, ends Friday, June 22nd..
A Community-Driven Development Solution
DECOIN, a revenue-sharing exchange and trading platform, has a simple, albeit ingenious solution to the problems hampering cryptocurrency exchanges. They use proof-of-stake (PoS) as a means of validating DECOIN wallet transactions and sharing the value created by the exchange. Instead of requiring a MasterNode, users with a minimum amount of DECOIN are entitled to a proportionate return on their investment.
Boasting a 4.5/5 rating on ICOBench, DECOIN is poised to be one of 2018’s most interesting blockchain projects. As DECOIN aims to attract a worldwide user base, they are accepting multiple payment mediums for their ICO–including Bitcoin, Ethereum, Visa and MasterCard.
Decoin’s Innovative Offering
DECOIN transactions are digitally signed and verified for security. The revenues of DECOIN are then shared with coin holders. These revenues include spreads, commissions, aggregation, risk positions, and margin interest.
Their algorithm rewards loyalty by ensuring an average of 6.2% annual interest return to all coin holders that stake their coins in DECOIN’s online wallet. Thanks to new currencies, approaches, ideas, and technologies, the crypto community is in constant flux. One shift is particularly fundamental: the changing nature of the blockchain-mining ecosystem.
Blockchain mining requires incredible processing power, making it both environmentally damaging and no longer profitable for its miners. DECOIN offers an innovative, community-driven proof-of-stake (PoS) solution.
Progress in Development
DECOIN has already finished the development of their blockchain environment. This includes the generation of coins and native wallet creation. They have even launched a website for the public to view the progress.
Along with this rapid technical progress, DECOIN has added multiple languages to their platform, allowing users worldwide to benefit from their ground-breaking technology.
Attention to Regulation
DECOIN’s CEO Shay Perry has publicly stated that their team is applying for local licenses where needed, in order to ensure the viability and continuation of both DECOIN and the DTEP exchange and trading platform. Anticipating the potential scenario that DECOIN may be construed by regulators as a security, DECOIN is taking a number of precautions–including the exclusion of investors from China and the United States from participating in the ICO.
The company has commenced RMO regulatory procedures in Singapore. After this process has been completed, DECOIN’s DTEP trading and exchange platform will be able to act as a global exchange, while adhering to stringent regulatory framework.
Upon DECOIN’s launch, platform users will have the ability to trade numerous cryptocurrencies on the DTEP exchange and trading platform in addition to the proprietary currency–including Bitcoin, Litecoin, Ethereum, Neo, and Ripple. DECOIN itself will also be listed for trading on multiple exchanges, which are soon to be announced.
More information on the ICO and the company itself, including whitepapers and vision, can be found on https://www.decoin.io
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As President Donald Trump and his French counterpart spooned into Dover sole and chocolate soufflé at George Washington’s riverfront estate last month, the conversation swiftly moved from colonial history to modern politics.
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