Government Of Venezuela Introduces Crypto Remittance Service
It has been reported that the government of Venezuela has recently launched a remittance service that uses two types of cryptocurrencies.
The initiative was launched by the Superintendency of Cryuptoassets and Related Activities (Sunacrip), Venezuela’s main cryptocurrency regulator which has a monthly limit and commission charge per transactions.
The new remittance feature will be available on the agency’s Patria platform and will support bitcoin and Litecoin cryptocurrencies.
There is a maximum limit of 10 Petros per month per individual equivalent to bolivars, however, on special cases one can receive up to 50 Petros equivalent with approval from Sunacrip.
Petro is the national cryptocurrency of Venezuela that was released by the Maduro government which purportedly backed by oil, gold, diamond and other natural resources.
Consumers who want to use the remittance services of the platform and receive payments via cryptocurrencies should register with the platform, of legal and must be residing in Venezuela.
Anyone who wants to send cryptocurrencies to recipients in Venezuela are required to enter an email address in the platform where they will receive a one-time-password to be able to login the platform.
When sending they will be asked to enter the national identification and date of birth of the recipient.
Rhode Island Legislators Seeks To Exempt Some Crypto Tokens From Securities Laws
According to news reports there are some law makers in Rhode Island who are seeking a bill that will provide an exemption for some cryptocurrency tokens from securities law.
Bill 5595 wants to amend the state’s Uniform Securities Act concerning the status of some cryptocurrency tokens as securities.
The cryptocurrencies that it seeks to exempt from Securities Law are utility tokens, digital assets that are issued for consumptive purpose.
These tokens bestow on the owner the right to access products and services contained in a blockchain network.
It has been revealed that so long as the brokers file a notice of intent with the secretary of state, they will not be defined as dealing in securities.
There is still no general consensus yet if cryptocurrencies should be considered securities or not, the US agency sees that most ICOs are securities, however, with several states already passing bills to exempt crypto as securities there is growing support not to classify them as such.
New Version Of USDT Launching On The Tron Network
This was made possible through a partnership of Tether and Tron Foundation.
The new Tron version of the popular USDT stablecoin will also be pegged to the US dollar and will be backe d1:1 by real U.S. dollars, however, it will use the TRC20 technical standard of Tron which is similar and compatible with Ethereum’s ERC20 standard.
With this initiative Tron hope’s to improve decentralized exchange liquidity and make Tron more accessible to institutional investors by providing the stable coin option to the network.
Tether is one of the largest cryptocurrency by market capitalization; according to its CEO Jean-Louis van der Velde the integration underlines the company’s commitment to furthering innovation within the cryptocurrency space.
While it is consider is considered the largest and most popular Stablecoin currently questions abound if all the Tether in circulation is indeed backed 1:1 with the US dollar.
A reputable auditing firm would quell the concerns of the doubters but the Tether organization has not put much effort getting their platform audited which led to the general.
Lightning Payments Through Radio Waves
In what many describe as the first-of-its-kind transaction, two developers from two separate countries have successfully sent a Bitcoin lightning payment over radio waves.
The transaction was made between Rodolfo Novak, co-founder of Bitcoin hardware startup CoinKite and Bloomberg columnist and developer Elaine Eu.
The former resides in Toronto, Canada while the latter is from San Francisco, California.
The demonstration showed that there are other ways to do Bitcoin transaction other than using the internet itself.
Radio in this case can significantly increase the resilience of the Bitcoin network.
There are other ways to transact Bitcoin without the use of the internet, one case in point is Blockstream in which bitcoin transactions are being made via the use of satellites without using the internet.
Finding alternative ways to transact Bitcoin without using the internet is truly a novel idea, initiatives that will be able to do this will contribute immensely to the resilience of the Bitcoin network.
Bitcoin Transaction Nearing All-Time-High Despite Bearish Market Conditions
According to reports the transaction volume of Bitcoin continues to rise despite current bearish market conditions.
Mati Greespan a senior market analyst from eToro pointed out that the growing number of transactions should give crypto bulls a reason to celebrate.
While Bitcoin’s price action does not directly currently correlate with the surging transaction numbers, pundits argue that the price should follow the uptrend similar to what happened during the late 2017 bullrand.
Historically there is a loose correlation between price and transaction volumes but it must be noted that correlation does not equate to causation.
The scenario however signal that cryptocurrency is garnering greater adoption and use despite gloomy market conditions and bulls can be hopeful that this increase in adoption would sooner or later reflect on its price soon.


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