Upbeat earnings from Visa and rival American Express further underscore the strength in U. However, Visa said the skyrocketing greenback does not bode well for the American tourism industry, which relies on a big portion of its revenue from international travelers.
The Swiss bank is starting out as the majority shareholder for the newly created investment bank entity, but sees an IPO as a future option, the source said. Rossteuscher is taking over the position from Mr. Stefan Krause who has held the role on an interim basis. Krause retains his seat as Vice Chairm a day ago Chipmaker UMC cuts capex in readiness for prolonged downturn Taiwanese chipmaker United Microelectronics Corp UMC has cut this year's planned capital expenditure by almost a fifth, it said on Wednesday, citing weakening consumer demand without signs of recovery.
UMC, clients of which include U. In North America, he said demand for services is "stronger than I have ever seen at this point in the year. David Sabatini has been named the new Vice President. AP — The rapper formerly known as Kanye West was escorted out of the California-based headquarters of athletic shoemaker Skechers after he showed up unannounced Wednesday, a day after Adidas ended its partnership with the artist following his antisemitic remarks.
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As more and more Venezuelans look for alternatives for their payment processing needs, cryptocurrency exchanges are starting to become household options. Crypto exchanges allow you to make transactions between different types of currency, including crypto and regular fiat currency government-issued such as dollars, euros or yen.
Right now, there are several of those exchanges gaining strength in the Venezuelan market, the main ones being Criptia, Cryptobuyer, and Binance. In the case of Binance, one of the leading exchanges in the Venezuelan market, you need to be 18 years old, have a cell phone, and clear a few KYC requirements before you can have full access to an account. Then, users can purchase cryptocurrency with very low commissions using a debit or credit card or linking their bank which only works with European or American entities , or access the P2P person to person trading table which allows users to trade with others with their own payment methods and prices, using Binance as a middle man—it is in this space where Venezuelans can acquire crypto with bolivars.
How Binance Works on the Street I was able to speak to some consumers and vendors that use Binance and other crypto exchanges every day, to know their insights on how the market has responded to these new forms of payment. Only those who understand crypto and are frequent users are open to receiving payment in crypto.
Some restaurants or stores use it as a payment method, since they understand the platform. But there are those who have heard about it but are reluctant to change. Fear is the main factor preventing the spread of crypto as a payment method. The difficulty to understand the basics of cryptocurrency, alongside the convoluted and often speculatory nature of this new market, remains the main reason why people resist the use of crypto in the first place.
However, this is slowly changing due to the emergence of more user-friendly exchange platforms. A report from Bloomberg on 3 April raised further questions. After all, there is no legal basis for it. The answer to this question is complex, but some sources argue that it is not.
While there is a lot of confusion in Venezuela regarding the legal status of cryptocurrencies, more people are turning to digital financial solutions. In the past, it was illegal to admit to owning Bitcoin or any other cryptocurrency, and being caught can result in severe sanctions from the regime. But in Venezuela, the lack of legal clarity has led to increased corruption and abuse of these products. For one thing, the new law requires miners to join a national digital mining pool.
If a miner does not comply with the law, they can face sanctions and fines. This means that any earnings earned through crypto mining must be shared among all the members of the national pool.
Insights on Cryptocurrency Legal Issues Most jurisdictions and authorities have yet to enact laws governing cryptocurrencies, meaning that, for most countries, the legality of crypto mining remains unclear. Under the Financial Crimes Enforcement Network FinCEN , crypto miners are considered money transmitters, so they may be subject to the laws that govern that activity. In Israel, for instance, crypto mining is treated as a business and is subject to corporate income tax.
In India and elsewhere, regulatory uncertainty persists, although Canada and the United States are relatively friendly to crypto mining. However, apart from jurisdictions that have specifically banned cryptocurrency-related activities, very few countries prohibit crypto mining.
Our Freeman Law Cryptocurrency Law Resource page provides a summary of the legal status of cryptocurrency for each country across the globe with statutory or regulatory provisions governing cryptocurrency. These would not replace traditional banknotes, then backed by gold, but would circulate in parallel. The point was not to manipulate the supply or price of commodities.
It was to get money into the hands of commodity producers so they could spend it—preventing financial distress for them and their workers and stimulating the economy, thus creating demand for the surplus. This would pull money out of the economy, damping irrational exuberance. John Maynard Keynes and Friedrich Hayek both enthusiastically backed this idea.
It appeared in the English proposals brought to the Bretton Woods negotiations and had wide support among economists at the meeting. But gold producers and holders blocked it from the final agreement. It already owned it, safe in the ground. All it needed to do was issue an oil-backed currency when oil prices were low and redeem it when prices were high. It could do this through a central bank, which would make domestic loans in the oil currency when prices were low to help the local economy.
The drop in lending when prices rose would help offset the flood of export earnings. The non-oil economy could function on a traditional currency. In he proposed an oil-backed currency. He appears to have been primarily seeking a way to avoid U. Cryptocurrency lovers added a technological twist. Time will tell if they were as smart as the guys who designed the metric system.
The economists slipped an underappreciated aspect into el petro. Although Venezuela has the largest proven oil reserves in the world, its oil is low in quality and expensive to extract. The lowest-quality and most expensive to extract, but also the largest in quantity, is in the Orinoco Belt. There could be two Saudi Arabias or more there, but extracting it requires massive investment.
So one petro could be exchanged for a barrel of oil a kilometer under the remote village of Atapirire population 1, Some have taken that as evidence that el petro was a fraud. But the cryptocurrency makes sense in theory. In that case, a Venezuelan entrepreneur might borrow million petro from the central bank to fund extraction at a rate of 20 million barrels a year after, say, three years of development. Each barrel extracted would allow paydown of one petro of debt, after one petro is paid to the government for the royalties and taxes.
This could well be a positive net present value investment. An oil-backed currency allows the government to offer loans in a hard currency without being limited by its currency reserves, and the investment return is largely insulated from oil price fluctuations because revenues and expenses are both denominated in oil. Unfortunately, none of the key requirements to make this plan work—a credible government, an oil shortage, and investors interested in taking on the massive technological and political risks of the drilling schemes—were in place.
As a securitization of future oil royalties and taxes, it could be managed on a private centralized ledger. Only a few people in the oil business would hold el petro, and the currency would flow from the central bank to the entrepreneurs, from the entrepreneurs to the equipment and expertise providers, and from the providers back to the central bank.
That could help fund oil development, but policymakers in Venezuela had grander ideas. Using cryptocurrency tools opened breathtaking possibilities. Venezuela was starved for a trusted currency, and its citizens were accustomed to mining and using cryptocurrencies. Global investors were wild for anything crypto and were buying into even obvious frauds.
Mar 19, · Ricardo Carrasco, 29, an IT engineer who is paid in bitcoin, is a fan of the crypto-currency. "It has given me access to the financial world outside Venezuela," he says. Jun 29, · A report from Bloomberg on 3. Is Venezuela's cryptocurrency, Petro, illegal? A few cryptocurrency rating websites have already labeled Petro as fraudulent. A report from Bloomberg on 3. Venezuela Cryptocurrency Laws. Regulation of Digital Currencies: Cryptocurrency, Bitcoins, Blockchain Technology. In December , pursuant to Decree , the Venezuelan government announced that it would create its own cryptocurrency—the petro—that could be issued, mined, and traded in Venezuela. The petro officially launched in February.