Banking Boss from Brazil Talks about Venezuelan Cryptocurrency Adoption 0 125

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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Another NFT Artwork Sold for a Whopping $4 Million 0 9

New French Legislation Targets Anonymous Crypto Accounts

Today, Dogecoin (DOGE) is ranked the 7th largest cryptocurrency in the world in terms of market capitalization. Several mainstream institutions have made huge investments in Dogecoin (DOGE) making it a huge creation.

It is constantly gaining more ground and institutions are finding different ways of offering it to their users/customers. Dogecoin (DOGE) has also found its way to being one of the most popular payment methods when it comes to cryptocurrencies.

More firms are adopting it on their websites and online purchasing stores in order to boost their sales and bring in more customers. It is currently experiencing more adoption rates in other cryptocurrencies that are higher in the ranks.

While Dogecoin (DOGE) continues to gain unmatched recognition and popularity around the world, people have started appreciating its inspiration. The foundation of Dogecoin (DOGE) was based on a meme of a Shiba Inu dog staring at the viewer.

The creator had developed the cryptocurrency for humor not knowing that it would catch up in 2020 and would become a hit.

Now, the cryptocurrency and NFT world is aiming to honor the meme coin for its growth and worldwide adoption. Recently, one of the Dogecoin (DOGE) enthusiasts and followers took the liberty of introducing a non-fungible token (NFT) artwork of DOGE.

The non-fungible token (NFT) that the fan has created is inspired by the same picture that the Dogecoin (DOGE) is based on. The creator has also added a description for the particular NFT, pitching by saying that it is a picture that laid the foundation of the meme coin.

Now the reports have made it to the headlines that the DOGE-inspired NFT has been sold at an auction and it ended up getting sold at a high price. According to the description of the meme, the Shiba Inu dog photo for a pet named Kabosu was taken back in 2010. The artist that took the famous meme photo of the dog was Atsuko Sato.

Later on, the famous photographer shared the pictures of the dog alongside other pictures in her personal blog. This is where the pictures went viral and the Shiba Inu picture was praised the most. Since then, many viewers have gone through all the pictures of the particular dog but the one DOGE used is by far the best among the rest.

According to the reports, the user who created the meme-based NFT was “@kabosumama”, who minted it on May 31. Later on, the NFT was put on an auction that started on June 8, 2021. In the beginning, an interested buyer came up and offered 6.5 Ethereum (ETH) for the particular NFT.

That was the point that escalated the bidding and until the last day of the auction, June 11, the price had gone much higher than just 6.5 Ethereum (ETH). The user who won the bid reportedly paid 1696.90 ETH for the particular NFT. At the time of writing, 1,696.90 ETH translate to $4 million.

JPMorgan Talks about Possible Outcome between El Salvador and IMF Following Crypto-Legalization 0 9

When it comes to the adoption of cryptocurrencies by an institutional financial body, there is nobody that comes close to JPMorgan. There used to be a time when JPMorgan was right beside the Bank of America and other major financial institutions in opposing cryptocurrencies.

As time changed as well as the situation around cryptocurrencies, JPMorgan turned soft and flexible around cryptocurrencies. It soon became a cryptocurrency proponent and since then, any statement it has released is in favor of the crypto-verse.

Even when the overall crypto-verse is facing the worst time, where Bitcoin (BTC) is in the worst situation, it finds the full backing of JPMorgan. Despite the current bearish trend being observed by Bitcoin (BTC), JPMorgan is sticking to its $146k per BTC prediction by the end of 2021.

As JPMorgan is a financial banking giant as well as a security provider to its cryptocurrency investors, it is expected of JPMorgan to pay very close attention to cryptocurrency markets.

Being a proponent for cryptocurrencies and Bitcoin (BTC), JPMorgan has earned the right to have its fair share of advice and remarks over global adoptions of cryptocurrencies.

Since the last week, the hottest topic in the cryptocurrency industry as well as globally is none other than El Salvador’s legal tender for cryptocurrencies. On June 9, 2021, El Salvador Parliament voted with the vast majority in favor of legalizing cryptocurrencies in the country.

This caused a huge ripple in the entire crypto-verse as well as the entire real-world as other Latin American countries are also boarding the crypto-ship. Countries such as Brazil, Panama, and Mexico are also looking to legalize cryptocurrencies to benefit from the industry on a large scale.

Now that El Salvador has expedited the process of adopting cryptocurrencies, the IMF has jumped in and shared its concerns over the matter. The IMF has claimed that the recent move made by El Salvador may end up raising many legal and financial concerns.

Therefore, JPMorgan has commented on the recent developments and the recent statement made by IMF’s spokesperson Gerry Rice.

JPMorgan stated that the recent move made by El Salvador is not to bring stability to the economy, it is to bring growth to it. The country has shifted its orientation from stabilizing its economy to growing it and cryptocurrencies are a vital step towards this movement.

The banking giant has stated that it is not just the President of El Salvador who is after economic growth. It is the entire regulatory and federal structure of the country that wants it and the recent passing of the bill is very demonstration of that.

The bill received a historic approval rate from the parliament of El Salvador, which was 62 votes out of total of 84 votes in favor of the bill.

However, the IMFT may not see it the way El Salvador sees it and this may result in hampering the negotiations between IMF and El Salvador.

El Salvador is reportedly in talks with IMF over a $1 billion loans to deal with the potential budget deficit of $3.2 billion it is expecting to face in 2021.

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