Today Venezuela announces Petro cryptocurrency, Ethereum growth not tied to price, and blockchain groups push back against proposal of Korean ministry.
Venezuela Announces Petro Currency
On August 20, a second government currency will be introduced to Venezuela. Reported by ABC Internacional, President Nicolás Maduro made the announce during a television address that the Petro, a government developed cryptocurrency, will be used in a new salary system as well as to obtain goods and services. It will also be used to obtains goods from PDVSA, the state oil company.
Ethereum Growth Not Tied to Prices
In an interview with Bloomberg, Joseph Lubin, the co-founder of Ethereum, said that the recent fall in cryptocurrency prices will not halt Ethereum’s growth, claiming this to be just another bubble. This drop is due to speculative investors and not indicative of the underlying infrastructure. This was anticipated and will not change Ethereum’s plans for improvement.
Blockchain Groups Push Back Against Proposal of Korean Ministry
A proposal was made by South Korea’s Ministry of SMEs and Startups with plans to amend their law, declaring crypto exchanges as entertainment and gambling business and instead of SMEs — small and medium-sized enterprises — and startups, and thus receive no tax or policy benefits. Blockchain groups fear that without those benefits, more will fail or move out of country. They also claim that it goes against President Moon Jae-in’s push for Korean blockchain groups to be included. The Ministry will remain open to feedback until Sept. 4.
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