Banking Boss from Brazil Talks about Venezuelan Cryptocurrency Adoption 0 34

As per the recent reports, the banking association chief from Brazil has commented about the cryptocurrency adoption rate in Venezuela. He also explained why the Venezuelan Government has resorted to this option and how much it is benefitting from it.

He stated that the Venezuelan people are using cryptocurrencies as a means of moving money out of the country.  The Government of the United States has put too many sanctions on the country in recent years. Even the majority of the financial institutions, no matter the channel, have disconnected themselves from Venezuela.

Even with so many crises and problems at hand, the people of Venezuela have finally found a way around these obstacles. The country has now started shifting into cryptocurrency banking because Venezuela is no longer part of the international banking system due to the sanctions.

Murilo Portugal, who is the head of the Brazilian Federation of Banks talked at length about the Venezuelan adoption of cryptocurrencies. He stated that the people and businesses of Venezuela are now using Bitcoin (BTC) and altcoins to move money out of the country.

Portugal referred to the moving of value through the cryptocurrencies as ‘vehicle currencies’. He also stated that in order to carry out these activities, the Venezuelan users are utilizing remittance and crypto platforms that are informal.

Portugal is a very prominent and influential personality when it comes to banking and investments. In past Portugal served as the deputy managing director at the International Monetary Fund. In addition to this, Portugal also worked at the World Bank as the Executive Director.

The chief of the Brazilian banking association also stated that Venezuelans are dealing with cryptocurrencies very smartly. He stated that they are not going for any cryptocurrency opportunities at the moment. Instead, they are holding onto Bitcoin (BTC) and altcoins for a more favorable situation and time.

He stated that the Venezuelans have been observed holding the Bitcoin (BTC) until it grows in price. Then, the Venezuelans send the Bitcoin (BTC) abroad and convert them to cryptocurrencies that are linked with major currencies.

The chief banker also stated that the Venezuelan Government tried launching its oil-backed cryptocurrency asset. The Venezuelan Government dubbed the asset as petro (PTR), but the asset did not manage to gain recognition or adoption.

Portugal also shared his views about the major cryptocurrency assets stating that Ethereum (ETH) and Bitcoin (BTC) are not real currencies.

He stated that the cryptocurrency assets are extremely volatile in nature and every second, there is a rise/fall in their prices. This is the reason why cryptocurrency assets are considered unstable and therefore, cannot be considered as payment methods. He stated that the cryptocurrencies are a poor store of value, which is why they are a poor unit for accountancy.

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Central Banks Will Not Allow Bitcoin to Go Mainstream, Says Harvard Professor 0 4

Since the beginning of the year 2020, Bitcoin (BTC) has been flying high with respect to its price and market capitalization. There have been many mainstream institutions such as PayPal, MicroStrategy, and MassMutual that have played a huge role in deciding the fate of Bitcoin (BTC).

Although Bitcoin (BTC) had mustered a lot of user-base from the private sector, all it required was input from the mainstream sector. This is when PayPal announced that it was going to integrate Bitcoin (BTC) into its platform.

This worked like a charm for Bitcoin (BTC), and the largest cryptocurrency in the entire world got even bigger. Since then, Bitcoin (BTC) has been constantly gaining mainstream adoption and several institutions from around the world have adopted it.

However, similar to the president of the ECB, there are still many who still do not support the idea of adopting cryptocurrencies and Bitcoin (BTC) altogether.

Bitcoin (BTC) has been facing a lot of resistance and hard times from traditional financial institutions. It is the banks that are currently opposing the idea of Bitcoin (BTC) being dealt with as an asset for savings and investments.

The above speculation has also been confirmed by one of the professors from one of the world-renowned universities “Harvard”. Kenneth Rogoff, who is currently a Professor of Economics at Harvard talked about how the central banks currently perceive Bitcoin (BTC).

Rogoff stated that if people think that Bitcoin (BTC) has started gaining mainstream popularity, then they are mistaken. Despite all the success and attention, Bitcoin (BTC) is still far from gaining real mainstream adoption.

However, Bitcoin (BTC) currently has a very harsh and difficult journey ahead as the central banks from around the world are going to give a very hard time.

He stated that the central banks will not let Bitcoin (BTC) gain mainstream success and adoption. The professor stated that other cryptocurrencies are likely to face the same kind of treatment from the central banks.

He stated that for the time being, the majority of the cryptocurrency industry is unregulated. Many cryptocurrency firms in the industry do not adhere to the regulations that include AML and KYC policies.

For now, it is not possible for cryptocurrencies to be given mainstream status in the economy. The first thing that the governments would do is regulate cryptocurrencies and ensure that the policies are being adhered to.

Once the cryptocurrency regulations are streamlined and adherence is above satisfactory levels, then the cryptocurrencies stand a chance of being given mainstream status.

The words coming from Rogoff hold very high significance as he was one of the former chiefs at the IMF.

Bittrex Exchange Allowed Bitcoin to be Stolen, Claimed by Spanish Customer 0 6

As per the latest reports, the police authorities of the city of Tenerife have been given permission to investigate a case regarding Bittrex. As per sources, permission to look into the matter has been given by the Spanish court. The investigation has been launched by the Spanish court in response to a complaint that was launched by a Spanish Bittrex customer.

In the complaint, the customer has alleged to Bittrex that it was due to the exchange that he ended up losing his Bitcoin (BTC) to a theft. The plaintiff held the exchange responsible for the theft that led him to lose Bitcoin (BTC) that was worth $62,000.

As per sources, the cybercrime unit of the Tenerife police authority is currently investigating the matter. The cybercrime unit has stated that it will soon be sharing its preliminary findings around the matter. Then the police will be able to determine whether the exchange is to be held responsible for any involvement in the matter or not.

However, the plaintiff is continuing to blame the exchange for letting his Bitcoin (BTC) be stolen and taken away by the cybercriminals. He has claimed that the hacker was deliberately granted access to his wallet account on the exchange. As a result, the anonymous hacker was able to make away with around 1.3 Bitcoin (BTC) in the process.

One of the local reporting networks has revealed that the plaintiff himself is a resident of Tenerife city. The person claimed that it was May of 2020 when he had opened up his wallet account on the exchange for Bitcoin (BTC).

The plaintiff claimed that after creating the wallet account, he added 1.3 BTC to the same wallet account. Soon after making the deposit, he realized that his wallet with 1.3 BTC had been emptied and there was no sign of it.

Soon after learning about the theft, the first thing he did was get in touch with Bittrex so he got in touch with their customer support. Although he expected the team to support him, he got told by the customer support team that his account had been victimized by cybercrime.

The claimant also added in the report that he had hired a personal security expert in order to investigate the case. He wanted to get to the bottom of the theft and wanted to find the cybercriminals himself as he received no support from Bittrex.

The security expert hired by the claimant also shared his findings with the Spanish court. According to the report, Bittrex on four different occasions allowed the BTC wallet account to be accessed before the theft was attempted. The investigating expert also confirmed that the breach was observed from four different IP addresses.

All of the IP addresses used to breach the wallet account included Granada, United States, France, and Madrid.

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