Newsflash: Bank of Englang and crypto-currencies, Bitcoin record trading volume in Venezuela
Home News Newsflash: Bank of Englang and crypto-currencies, Bitcoin record trading volume in Venezuela
Marcus Misiak –
The Central Bank of England has a long Tradition, which has been 324 years, and your customers satisfied. Now Mark Carney, Governor of the Bank of England wants it, the “fourth industrial Revolution” and its customers with fast transactions in real-time delight. On the Innovate Global Summit in London on Monday, Carney talks about a metamorphosis of the traditional banking system and the new possibilities of the “New Economy” (freely translated):
Consumers and businesses increasingly expect transactions to be settled in real-time that the Fund becomes a historical anomaly and payments across borders can not be used by those on the other side of the street differences.
The Bank speaks also of digital currencies, which is positive, and the research budget should be increased for this area. In particular, Bitcoin, Litecoin, Ether and XRP called (freely translated) here:
Crypto assets that combine new payment systems with new currencies that are not issued by a Central Bank. Examples of privately issued digital currencies Bitcoin, LiteCoin, Ether (Ethereum), and XRP.
Our financial policy Committee has a rating of crypto-assets, and came to the conclusion that you are currently is no risk to monetary or financial stability in the United Kingdom. Crypto-assets, however, involve risks for investors, and everyone who buys crypto assets, should be willing to lose all his money.
We are monitoring developments in this area.
Hyperinflation and Bitcoin in Venezuela
Due to economic sanctions of the USA against Venezuela Hyperinflation making the money worthless prevails in the country. Many Venezuelan refugees in the crypto-currency Bitcoin, as it is a reasonably stable Alternative in the country and recognized as Cash is used. Currently, a new trade volume will be high, as the trading platform local listed bitcoins. Accordingly, were exchanged in the week up to the 27.04.2019 more than the 35.9 billion Bolivar against BTC, in the week before there were still nearly 29 billion.
This development clearly shows how heavily Inflation is raging in the country. President Maduro introduced last year, a state-owned cryptocurrency, so-called “Petro”, which is covered by the Oil reserves of the country. In a ICO a considerable amount of capital more than 3 billion USD have been collected. So far there is no official information about the fact that Petro was able to avert the crisis so far. Here, there is a lack of acceptance and functioning Wallets within the country.
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