#CryptoCorner: Iran Developing #DigitalCurrency, Venezuela Backs New Currency with Gov’t Created Petro Coin and Vietnam Bans Companies from #Crypto Activity
#CryptoCorner: Iran Developing #DigitalCurrency, Venezuela
Backs New Currency with Gov’t Created Petro Coin and Vietnam Bans Companies
from #Crypto Activity
July 26th #CryptoCorner and Podcast sponsored by Crypto payment tech,
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Crypto Corner July 26, 2018
Read this in full at http://www.investorideas.com/news/2018/crypto-corner/07261Iran-Venezuela-Vietnam.asp
Iran Developing Digital Currency, Venezuela Backs New Currency with Gov’t
Created Petro Coin and Vietnam Bans Companies from Crypto Activity
The total market cap this morning is sitting at
$300 billion USD, matching a similar peak last seen on Wednesday of last week.
Bitcoin (BTC) is trading at about $8200 USD and is still holding 47 percent
market dominance with a trading volume of around $5 billion USD. All of this
data is from CoinMarketCap.
The Islamic Republic of Iran plans to develop its
own digital currency as a means to insulate itself from the effects of U.S.
sanctions, according to Press TV. The Directorate for
Scientific and Technological Affairs of the Presidential Office’s deputy for
management and investment affairs Alireza Dalira made the announcement. Dalira
said it would be a joint effort between Iran’s central bank and knowledge-based
companies with expertise in digital currency.
“We are trying
to prepare the grounds to use a domestic digital currency in the country. This
currency would facilitate the transfer of money (to and from) anywhere in the
world. Besides, it can help us at the time of sanctions.”
Venezuela will
launch their new crypto-pegged currency, the Bolívar Soberano (Sovereign
Bolivar), on August 20 according to a report from telesur. The currency
is anchored to Venezuelan cryptocurrency Petro (PTR), which is in turn backed
by the country’s oil. President Nicolás Maduro said the aim of the currency is
to:
"stabilize
and change the monetary and financial life of the country in a radical manner
starting August 20."
"The
productive, diversified and sustainable economic model must definitely be
born" in Venezuela, for which the reconversion and anchoring to Petro are
"a great hope".
Vietnam’s
State Securities Commission (SSC) has issued a ban on companies from partaking
in any issuance, transaction or brokerage activities related to crypto,
according to outlet Viet Nam News. Included in
the ban are public companies, securities companies, fund management companies
and securities investment funds. This follows news last week
that the country was banning the import of crypto mining technologies.
Sam Mowers, Investorideas
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