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The Petro becomes legal tender in the country. Can be used to purchase goods and services.

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Venezuela Plans to Use Oil Available in Tanks to Back Petro Cryptocurrency

On Wednesday, President of Venezuela Nicolas Maduro revealed that 30 million barrels worth of oil placed in storage tanks is going to work as the backing for the OPEC nation’s government-owned digital asset known as Petro, that has been going through tougher times including being sanctioned by the U.S government under the leadership of President Donald Trump.
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Venezuela Cuts Petro’s Backing from 5B Barrels of Oil to 30M: Reuters

Venezuela Cuts Petro’s Backing from 5B Barrels of Oil to 30M: Reuters Venezuela plans to back its national oil-pegged cryptocurrency, the Petro (PTR), with 30 million barrels of crude oil. Venezuelan President Nicolas Maduro announced that the oil inventories are sitting in the country’s storage tanks and are ready for immediate commercialization to serve as […] Cet article Venezuela Cuts Petro’s Backing from 5B Barrels of Oil to 30M: Reuters est apparu en premier sur Bitcoin Central.
Bitcoin Central

Venezuela to back its petro crypto with 30M barrels of oil as opposed to 5B barrels planned earlier

Venezuela will back its national cryptocurrency, the petro, with some 30 million barrels of crude oil sitting in the country’s storage tanks. “I will deliver these 30 million of barrels as a liquid, physical, material backing for the petro,” Venezuelan President Nicolas Maduro said in a state television address on Wednesday, as reported by Reuters. Maduro added that the oil inventories in storage tanks are available for “immediate” commercialization to back the operations of petro. He did not provide details of how the sale of inventories to back the petro would work. The 30-million barrels figure is drastically down from 5 billion barrels announced at the time of the petro launch in Feb. 2018. Maduro at the time had said that the petro would be backed by 5 billion barrels in untapped crude reserves. A Reuters special report late last year found that there is no proper infrastructure to get oil from those reservers. According to data from intelligence firm Kpler, Venezuela’s oil inventories stood at 39 million barrels at the end of October. Venezuela has been pushing hard to promote the use of petro, which is currently not listed on any major cryptocurrency exchange. Most recently, authorities said that dozens of retailers now accept petro. Reuters said it has not found evidence of any significant use of petro as a means of commercial exchange.
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South Korea Prepares to Draft Bitcoin Capital Gains Tax Guidelines

The South Korean government wants to tax capital gains on cryptocurrencies. This new decree has yet to be officially improved by the proper authorities.  South Korean news outlet Korea Times claims the government wants to impose capital gains taxes on virtual currencies, including bitcoin. Bitcoin Taxation in South Korea This is a new measure by the domestic Ministry of Economy and Finance, which is expected to become part of tax regulation in 2020. Discussions regarding this measure have been going on for some time now. South Korea is one of the primary regions of cryptocurrency trading activity today. A revised tax regulation bill will be drafted by Q2 2020, after which it will be reviewed and revised wherever necessary. A second bill is on the table to enhance the overall transparency of virtual currency trading in South Korea. If that bill were to pass as well, it will be introduced one year after the taxation guidelines have been adjusted.  Several problems persist regarding both of these proposals, however. In South Korea, the current definition of virtual assets is ambiguous and leaves much room for debate  It is now up to government officials to draft clear guidelines on how bitcoin and other virtual currencies will be treated. Depending on that classification, the taxation guidelines will need to be altered as well. The coming months will prove to be crucial for the future of virtual currencies in South Korea.  Image(s): Shutterstock.com The post South Korea Prepares to Draft Bitcoin Capital Gains Tax Guidelines appeared first on NullTX.
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South Korea Crypto Account Holders Must Use Their Legal Names

South Korea has passed new laws requiring that everyone opening a cryptocurrency account use their true, legal names to do so. South Korea: The Center of Crypto Regulation? As time goes by, many cryptocurrency exchanges and businesses are seeking out ways to remain fully compliant with federal regulators. The problem is that to do this, they’re often required to invade the privacy of their customers to one extent or another, and this scenario is no exception. One of the issues at hand is that many argue that cryptocurrency is often utilized for criminal behavior, such as money laundering. While it’s nearly impossible to say how many individuals are using crypto to perform malicious activity, the fact remains that most cryptocurrencies share properties that make them ideal to the present financial infrastructure. They can solve many of the world’s monetary issues and potentially ease the burden of global poverty. Nevertheless, most regulators do not see this, and choose instead to focus primarily on what crypto can do to make the world a darker place. While it’s understandable that this should be considered, is enough emphasis being put on all the good that crypto can do? As it stands, South Korea will now have to report all cryptocurrency transaction data to regulators, who will oversee the transactions and decide if they are permissible or if there is something suspicious going on. On the one hand, this has a positive side in the sense that crime – if cryptocurrency is ever going to be taken seriously – must come to a full halt, and this is one potential way to do it. At the same time, the idea that people must now use their real names and in some cases, upload government-issued photo IDs to their accounts as part of the ongoing know your customer (KYC) tactics now employed by most cryptocurrency exchanges and businesses, really goes against what most forms of crypto are all about. Most digital assets, especially bitcoin, were designed with the general public in mind. They were designed to give people their financial freedom back, and this included anonymity and the chance to use their money as they saw fit, so the idea that people’s names, photos and other sensitive information is being forwarded to financial legislators every time is a little unseemly. Keeping Up Appearances South Korea’s new identity verification system is being implemented by a cryptocurrency exchange known as Bit Thumb. To an extent, it makes sense that the region is being so adamant about knowing exactly who their customers are considering popular trading platform Up Bit – also stationed in South Korea – was recently robbed of nearly $50 million in ether funds. In addition, the country accounts for roughly 20 percent of the world’s cryptocurrency transactions. With so much business at stake, it’s understandable that they want to heighten safety measures. The post South Korea Crypto Account Holders Must Use Their Legal Names appeared first on Live Bitcoin News.
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Price Analysis 09/12: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, XTZ

Price Analysis 09/12: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, XTZ China could start its pilot for the central bank digital currency (CBDC) before the end of this year, according to local news outlet Caijing. The article states that the anticipated pilot project “will go out of the central bank system and enter […] Cet article Price Analysis 09/12: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, XTZ est apparu en premier sur Bitcoin Central.
Bitcoin Central

EOS Price Hit after Getting a C- in Decentralization by Weiss

Blockchain project EOS started this week on a negative note after an independent agency downgraded its rating from B to C-. Weiss Crypto Ratings published a report on December 6 wherein it demoted EOS to lower ranks over its centralization. The agency noted that just 0.01 percent of the EOS token holders control over 68 percent of the voting power on its blockchain. That allows a handful of entities to practice censorship over hundreds of thousands of EOS investors. In comparison, provable decentralized projects like Bitcoin works across 9,300 nodes to confirm and validate transactions atop its blockchain. 1/6 We’ve had great respect for work and thinking that went into the #EOS project. But the Weiss Crypto Ratings model is not based on opinion. It’s driven by data. And that data has now caused a downgrade from B to C-. Here's why (full article to be published soon): — Weiss Crypto Ratings (@WeissCrypto) December 6, 2019 EOS spent a quiet weekend but its value eventually took a toll during the Monday session. The EOS-to-dollar exchange rate was down by $0.083, or 3.02 percent, as of 1658 UTC. Against bitcoin, the cryptocurrency did relatively better, falling about 1.64 percent to trade at 359 sats. The market capitalization likewise took a plunge roughly worth $500 million to settle a low at $2.534 billion. At its December peak, it was $2.613 billion. Ascending Channel The latest move downside brought EOS close to retesting the support of an Ascending Channel. While the lower trendline certainly capped the price from falling further downward, the negative sentiment arising from the Weiss report could weaken it in the near-term. The bearish case prompts EOS to retest to close below the Channel Support and target 304-342 sats area as an accumulation range. In the event of a breakdown, traders could extend their short position towards 284 sats while keeping a stop loss above the level at which they had entered the trade. EOS is trending inside an ascending channel | Source: TradingView.com, Coinbase On the other hand, the price has not failed to reach the upper levels so far. A pullback action from Channel support could push EOS back towards the Channel resistance. Traders with low-risk appetite could use the bounce-back as an opportunity to open a fresh long position 405 sats. Meanwhile, they could minimize risks by maintaining a stop-loss order just below the Channel support. A Consideration From a fundamental point of view, investors who were bullish on EOS might find it hard to digest its centralization issues. The sentiment could prompt some to switch their positions for tokens with more attractive opportunities. Such a scenario could suit the breakdown scenario as discussed above. Meanwhile, traders can look to accumulate EOS ahead of the launch of Voice. EOS creator Block.One on Thursday announced that it would launch the EOS-based social media platform on February 14. While the announcement did not help neutralize trading sentiments immediately, traders can still speculate on the Voice launch to make interim profits. One could watch out for a reversal from Channel resistance – a sign that traders are processing the Voice news – and place his/her upside positions. EOS Price Hit after Getting a C- in Decentralization by Weiss was last modified: December 9th, 2019 by Yashu GolaThe post EOS Price Hit after Getting a C- in Decentralization by Weiss appeared first on NewsBTC.
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