26/07/2018: Biggest Stories in the Cryptosphere

by BlockEx

1. Korean Crypto Regulations In The Works

We covered a couple of days ago the South Korea Financial Services Commission (FSC) setting up a department tasked with policymaking the blockchain industry. It has now been reported that there are plans for the country’s first crypto and blockchain legislation to be passed as soon as possible. The regulatory framework has already been drafted and widely covers businesses and projects. The body hopes to facilitate the supervision of the booming industry through regulation. Furthermore, analysts believe that regulatory clarity will enable for “smart money” to be introduced to the market.

2. Antiguan Barbudan Citizenship Can Be Purchased With 12 BTC

The minimum amount necessary to purchase the Antiguan Barbudan citizenship is an investment of 100,000 US dollars, which is now possible to make using Bitcoin, 12 in this case. They will then be converted into US dollars on a daily basis due to volatility. This is due to the country’s parliament amending Antigua and Barbuda’s Citizenship by Investment Program Act to expand the payment methods allowed to cryptocurrencies, Bitcoin included. Hon. Gaston Browne, the islands’ Prime Minister and Minister of Finance & Corporate Governance & Public-Private Partnerships, was the one to make the announcement. The country hopes to help people who would only be able to make the payment with cryptocurrency, but more importantly, to attract a new segment of customers.

3. Venezuela To Issue New National Currency Tied To Petro

Venezuela’s President Nicolas Maduro has revealed that the country will issue a new national currency and it will be tied to the oil-backed Petro, a cryptocurrency whose launched we previously covered. The current currency, the Bolivar Fuerte (VEF), will be replaced with the Bolívar Soberano. The move is a strategy to tackle the growing inflation which many believe will reach one million per cent this year. The ‘economic reconversion’ is expected to begin on August 20th with the issuance and circulation of the Bolívar Soberano. It has also been reported that the country will remove five zeros from the Bolivar rather than the previously planned three.

4. Iranian Central Bank Is Working Towards Cryptocurrency

The central bank of Iran is working towards the development of a national cryptocurrency with the help of local companies. The news might come as a surprise to some considering that earlier this year, the central bank banned financial institutions from dealing with cryptocurrencies. However, we previously reported on Iran disliking Bitcoin while planning the launch of a state-owned cryptocurrency. At the time, the Minister of Information and Communications Technology Mohammad-Javad Azari Jahromi stated that the cryptocurrency would be issued in collaboration with the state-owned bank Post Bank.

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