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01-06-2018: Venezuelan Petro Cryptocurrency Worth $5.9B
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Venezuelan President Nicolas Maduro announced 100 million units of its Petro cryptocurrency would enter the market. Maduro stated that every petro will be equal in value to Venezuela’s oil barrel which is currently at around $59. Bitcoin has made significant inroads in an unofficial capacity as desperate Venezuelans look for an alternative to the bolivar, which is now worth less than 10 cents. [bitcoinist]
Two Ethereum Foundation members living in Brazil have collaborated with a Brazilian legislator to use the blockchain in an effort to streamline the nation’s unique petition process. The trio wants to use the Ethereum blockchain to verify the petition signatures to government officials. The key to employing a Blockchain system in processing petitions and electoral votes is to encrypt votes onto the Blockchain network as transactions, to ensure that the specific piece of data remains unchangeable and invulnerable to manipulation. [ethnews]
Merrill Lynch has banned its over 17,000 financial advisors from buying Bitcoin-related investments for their clients or even executing clients’ request to trade Grayscale Bitcoin Investment Trust (GBTC).The GBTC is one of the major avenues in which Bitcoin can be traded on Wall Street. The decision comes as the major bank has concerns pertaining to suitability and eligibility standards of cryptocurrencies. [cointelegraph]
China has cut back on its energy production in the last year due to a surplus in their energy grid. This surplus has led to cheaper energy costs for consumers in China, which of interest for mining operators in the country. However, China has previously threatened to cut off cheap power supply to miners based near hydroelectric power plants in the country. According to Bloomberg, the People’s Bank of China (PBOC) intends to enforce local regulators to monitor and even restrict the power use of miners in certain regions of China. A source says the PBOC outlined the plans at a closed-door meeting on Wednesday. [cointelegraph]
And lastly, iced tea and lemonade manufacturing company, Long Island Iced Tea, is investing in Bitcoin mining machinery. This move comes after the company watched its stock price jump 500% following a name change to Long Blockchain. The company made the name change two weeks ago, capitalizing on the Blockchain name. The company’s press release indicated that the stock sale would allow the company to move into the Bitcoin mining business. [cointelegraph]
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