Venezuelan Jointly Developed Crypto Platform, Russian Court Orders Crypto Earnings, Bitcoin Bubble - Crypto Catchup
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"I have explained to Mohammed Barkindo the goodness of the petro. The cryptocurrency is the world of the future. I am very excited as well as the people of Venezuela."
Venezuelan president Nicolas Maduro openly invites OPEC nations for a joint development of a platform used for trading new oil-backed cryptocurrencies. Venezuela has been planning the pre-sale of the petro, the country's own oil-backed digital currency which will be used to pay taxes, fees, and for public services.
"The Bolivarian Republic of Venezuela guarantees that it will accept petros as a form of payment (for national taxes, fees, contributions and public services)."
"If the court refused to include the cryptocurrency in the bankruptcy estate, this would enable some debtors to ‘hide their property in bitcoin.'"
In a recent Russian bankruptcy case against a debtor the court ruled that the citizen was required to provide information on cryptocurrency holdings. The debtor, Ilya Tsarkov obliged to provide the password to his wallet, however his representative argued that crypto “are not recognized by the state and thus, they could not be considered as property”.
This is the first recorded attempt to view cryptocurrency as property in a bankruptcy case.
“Private digital tokens posing as currencies, such as bitcoin and other crypto-assets that have mushroomed of late, must not endanger this trust in the fundamental value and nature of money.”
GM to the Bank for International Settlements (BIS), Agustín Carstens recently gave a speech at Goethe University in Frankfurt in which he highlighted his concerns for the growing interest in digital currencies. Carstens makes the claim that money is strongly connected to the government and crypto has a severe lack of regulation leading to financial instability if it is to be relied upon. Carstens then described Bitcoin in particular as having three major flaws;
-debasement
-trust
-inefficiency
He concludes: “while perhaps intended as an alternative payment system with no government involvement, it has become a combination of a bubble, a Ponzi scheme and an environmental disaster”.
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