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Maduro: You Can Trade Petro To Other Crypto Assets Only If You Have Bought It In 2018

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As an update to the most controversial Venezuelan cryptocurrency Petro, in today’s crypto news, we find out that the Petro cryptocurrency can only be traded to other crypto assets only if users have bought it by the end of 2018.

According to the translated speech of the Venezuelan President Nicolas Maduro, you can read that:

 “Anyone who buys the Petro until Dec 31 will be able to convert it into any other digital currency.”

In the past 12 months, Venezuela suffered extreme hyperinflation, therefore, the national currency of the country, the Bolivar, is basically worthless. Many citizens in the country are incapable of buying necessary things such as food and medicine since the Bolivar lost its value.

According to a report from BBC:

 “A 2.4kg chicken has been costing 14,600,000 bolivars (equivalent to $2.22, or £1.74) in the capital, Caracas. Last Thursday, a toilet roll cost 2,600,000 bolivars. And a kilogram of meat cost 9,500,000 bolivars.’’

In order to change this terrible economic situation, the president Maduro created Petro that is supposed to represent the oil reserves of the country and become the new national currency. However, there are many issues with the cryptocurrency and some experts deny calling it a cryptocurrency.

According to the official whitepaper, Venezuela guarantees that Petro will be accepted as a method of payment of national fees, taxes, and public services. The government also claimed that they raised more than $1 billion from the token sale of Petro. A few months later that number changed to $5 billion in the token sale.

Experts believe that the government cannot have control over cryptocurrencies such as Petro and that is exactly why Petro is doomed to fail.

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Crypto Project OneCoin Denies Being A Ponzi Scheme

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Crypto project OneCoin was caught up in rumors that it represents a ‘’hybrid Ponzi-pyramid scheme’’ and therefore a scam according to the reports reaching our altcoin news today. As the reports noted, OneCoin purportedly a Ponzi scheme project which managed to raise millions of dollars from worldwide investors. The investors were reportedly promised big returns and minimal risks. As the investigation showed later by the United States, the project’s founders generated about 3.535 billion euros in revenue. Early in April, a church in the nation of Samoa was in the middle of scrutiny after some of the ministers invited the founders of the crypto project OneCoin to speak at a conference. Samoa’s central bank later banned any crypto activities and activities involving the scheme but the representatives approached the Samoa Worship Centre successfully and launched their investment products. Per the latest cryptocurrency news reports, the Samoa central bank investigated the company behind the crypto project. OneCoin sent a letter to a Samoa Observer where the claims of being a scam were denied. The company also denied laundering funds through New Zealand and denied the allegations that the organization is a Ponzi scheme. The company also explained that it is a ‘’centralized, closed source cryptocurrency. The closed system has strict AML (Anti-Money Laundering) and CFT (Combating the Financing of Terrorism) policies as well as KYC (know-your-customer) implementation.’’ The crypto project OneCoin argued that the criteria that exclude the company from being a Ponzi scheme are that:
 “By accepting the contract, the user becomes an independent, self-employed business owner. Let it be clear that neither OneCoin nor OneLife companies have organization, representation or employees in Samoa and New Zealand. No one has the authority to act or make statements on the company’s behalf in Samoa and New Zealand.”
As it was previously reported in May this year, the former investor in the OneCoin company Christine Grablis is now suing the company for Fraud. Christine made clear that she will be seeking damages and will pursue a class action suit. She also aims to represent all of the investors that were reportedly defrauded by the crypto project-OneCoin.
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Sberbank Bank In Russia Demands Income Data From Cryptocurrency By Client

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Sberbank bank, Russia’s largest financial institution requested a single client to provide information on their income made by cryptocurrency. According to the reports that reached our latest cryptocurrency news, we read more in the text below. According to the Forbes Reports, the co-founder of the tokenbox.io crypto trading platform Vladimir Smerkis, the unnamed client received a letter from the Sperbank bank requiring information on the crypto revenue. The letter based its request on the Federal Law no.115 ‘’on Combating Money Laundering and Terrorism Financing.’’ The client had informed the bank previously about the income from exchange cryptocurrencies. However, the bank wanted to find out more. Sberbank requested to know the user’s crypto wallet address and what mining equipment was the client using, including the model and the parameters of the mining farm. The bank also requested other documents including a confirmation of the ownership or lease of the mining equipment. Other documents that were required by the client were the premises housing of the farm. According to the reports, the bank confirmed the information. Smerkis pointed out:
 “We are very much perturbed by how the Sberbank bank can appeal to terms that do not yet exist in Russian law.”
The CEO of the decentralized exchange Tokenomica Artem Tolkachev also responded to this request saying that Sberbank ‘’operate within their regulatory framework for handling cash. So it is a way of legally introducing cryptocurrency revenues into circulation.’’ The Prime Minister of the country Dmitry Medvedev pointed out in the coming altcoin news that the crypto regulation is not a priority for the country anymore since cryptocurrencies are losing popularity. Medvedev previously urged the government to legislate at least some basic crypto terms. The hype around bitcoin has since dropped but the markets are still expected to rally as the prime minister concluded. The crypto bill ‘’on digital Financial Assets’’ was passed by the lower house of the Russian parliament back in 2018 but it was sent back to first reading state instantly due to a lack of key terms such as crypto mining. Since then, the Russian Duma hasn’t initiated another reading for the crypto bill and subsequently, it always gets delayed.
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Poloniex Crypto Exchange Delists Nine Crypto Tokens For US Customers

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Poloniex crypto exchange announced the delisting of nine crypto tokens for traders in the United States. The decision comes after the incoming reports on regulation against unregistered security tokens which we are reading more about in our latest cryptocurrency news. According to a Medium post from May 16, Poloniex crypto exchange announced that they will stop offering nine crypto tokens to their U.S customers. The announcement explains further that there was increase uncertainty whether the regulators in the country will qualify such tokens as securities. The options remain split whether the regulations should be applied to all crypto tokens. An excerpt from the announcement reads:
‘’On Wednesday, May 29th, at 16:00 UTC, the markets for ARDR, BCN, DCR, GAME, GAS, LSK, NXT, OMNI, and REP will be disabled for Poloniex customers in the US. All assets remain available for trading to customers outside the US.’’
Traders in the United States that are affected by the decision will be able to withdraw their funds from the exchange as long as the platform continues to list the same on the platform. Jeremy Allaire, the CEO of Circle expressed deep frustration at the decision calling it a ‘’restrictive’’ US crypto regulation. Circle acquired Poloniex back in 2018. However, a group of US Congressmen showed their support for Allaire and are now trying to pass the Token Taxonomy Act which will exempt crypto tokens from the definition of securities. The US SEC, on the other hand, has maintained that most ICOs are securities. The regulator has initiated a crackdown on unlicensed crypto security offerings with multiple arrests. This decision could also affect other exchange platforms as mentioned in the altcoin news that already has increased adopted horizontal strategy. Critics say that the real growth in the market will hinge for a more vertical approach that will prioritize the quality of the tokens that are offered. This situation could lead to the extinction of many crypto tokens as predicted by Bitwise’s Matt Hougan and Digital Currency Group’s Barry Silbert. In the same time, Bitcoin is winning the hearts of traders and institutions. Since the start of the year, many major players such as Microsoft, TD Ameritrade and Fidelity Investments have shown affection for the number one cryptocurrency.
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Blockchain Bonds Officially Launched By CommBank And World Bank

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Blockchain bonds will now win the markets after the World Bank and the Commonwealth Bank of Australia officially partnered. Both of the banks according to the joint press release, aim to enable blockchain-based secondary market bond recording so we are about to find out more in our latest cryptocurrency news. According to the press release, the project was performed on the Blockchain Operated New Debt Instrument which is an Ethereum-based blockchain platform. The platform was initially developed by CommBank’s Blockchain Centre of Excellence in Sydney’s Innovation Lab. The goal was to explore and build on the distributed ledger technology. Just last year, the World Bank issued the bond-i which was created with the help of the blockchain technology. At the time CommBank was the only arranger of the bong. The project ended up providing a massive $81 million for the World Bank thanks to the contribution of the investors. Some of the investors include the Northern trust bank and the New South Wales Treasury Corporation. The World Bank made about $50 billion during that time in yearly bond issuances each year to improve the global market sustainability. The blockchain bond was also further described as a milestone that can bring disrupting technologies into countries that have low development goals. Per the coming altcoin news, the World Bank declared that the blockchain bond was launched and since then the bank got a lot of support from major financial players and also from the technology sector. Sophie Gilder who is the Head of Experimentation and Commercialization at the CommBank’s Innovation Labs pointed out:
 “There is a growing recognition that blockchain technology can deliver a superior digital market for raising capital and then managing and trading securities, so we are working with our strategic partners to realize that vision. Blockchain has the potential to streamline processes for raising capital and trading securities, improve operational efficiencies, and enhance regulatory oversight.”
The World Bank is aiming to find a deeper understanding of blockchain technology. At the start of this year, a report by the Financial Times revealed that the World Bank and the IMF will launch a private blockchain network in order to study the technology.
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