Virtual Currencies Are Certainly Becoming Popular With Russia
So reading this post about plans from Russia and Venezuela to use the concept of virtual currencies to side step sanctions from the USA, and to help grow their economies was interesting.
I did some research and found a post from Bitcoin.com and it seems that the Russian government is most definitely moving forward with their plans to create their own crypto. What’s interesting though is that they have also recently passed some laws defining rules for crypto.
These rules say that crypto is considered property and not legal tender basically. But they also define how ICO’s operate and miners.
I think that because of the discussions that Mr. Putin has had with the creator of Ethereum, the possibility that Russia will create and launch their own crypto coin is very possible.
Venezuala’s Petro Coin Is Not Doing So Well?
Venezula’s Petro Coin is not being accepted by India a s a form of payment as of yet. The current price is 1 XPD = 0.0129 USD.
It is predicted to be worth 0.0327 USD in 5 yrs. Investors are say that the petro is a good investment if your in it for the long haul.
I think that if Venezula’s Biggest customer of oil will get on board with using this crypto as the accepted form of payment, then things will only get worse for their country and this new crypto currency.
Go ahead and read this post from oilprice.com India Won’t Pay For Venezuala’s Oil
Well now you can check out the post that inspired me to do some research ans help you get up to date with some more cool crypto news, it’s below enjoy.
Russia and Venezuela’s Plan to Sidestep Sanctions: Virtual Currencies
Both countries have floated plans to create homegrown virtual currencies that would put them outside the global financial and banking system.