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Venezuela Considers Counting Its Bitcoin and Ethereum Holdings Towards International Reserves

  • Alex Dovbnya
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    Venezuela could also use its crypto riches to fill up the dwindling foreign reserves      

Venezuela Considers Counting Its Bitcoin and Ethereum Holdings Towards International Reserves
Cover image via 123rf.com

Poverty-stricken Venezuela considers adding its cryptocurrency holdings to its dwindling international reserves, Bloomberg reports. The central bank’s coffers have dropped to only $7.9 bln, the lowest level in more than three decades.

Petróleos de Venezuela, S.A. (PDVSA), the state-owned oil giant, appears to own crypto (namely, Bitcoin and Ethereum), and it doesn’t know how to manage its digital asset holdings in the most efficient way.

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Crypto can also be seen as a solution for skirting the US sanctions that were imposed on the Nicholas Maduro-led socialist state. However, it wouldn’t be able to pass mandatory KYC on cryptocurrency exchanges if they were to sell it on the open market in order to pay their suppliers. Hence, they want to deal with these entities through the country’s central bank, which will not face the same amount of roadblocks.    

Venezuela tried to launch its oil-pegged Petro cryptocurrency, but the state-backed cryptocurrency failed miserably. 

As reported by U.Today, North Korea was accused of running three hacking groups that stole hundreds of millions of dollars from major cryptocurrency exchanges. On top of that, the hermit state is already working on its own coin that will be similar to Bitcoin.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency

  •  Denis Sinyavskiy
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    Former US Congressman Ron Paul shares his thoughts on the possible creation of Fed’s own cryptocurrency

Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency
Cover image via www.123rf.com

Former US Congressman Ron Paul spoke on Fox Business and said that the Fed should not think about creating its own cryptocurrency.

Fed’s Crypto: To Be or Not To Be?

Rumors have been circulating for the past few months about the Fed possibly creating own cryptocurrency. It is expected that a digital coin would become a competitor to its counterparts on the market, and may even replace fiat money. President Patrick Harker, President of the Federal Reserve Bank of Philadelphia, commented on such rumors at a recent conference:

“It is inevitable. I think it is better for us to start getting our hands around it.”

However, there has not been no official follow-up by the Fed towards a crypto exchange. While proponents of this idea believe such innovation is necessary, it is expected that the exchange could stop the current delays involving US bank transfers.

What do the opponents think about the Fed's own cryptocurrency?

The idea of ​​creating the Fed's cryptocurrency has its opponents. This includes Ron Paul, who believes that the Fed is in a better position to stay away from digital coins and allow the private blockchain sector and payment platforms to resolve this discussion in real-time. What the Fed plans to do next is unclear, but the central bank may still enter the game.

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About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

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