Utility names lead FTSE 100 higher Despite the official news that the UK entered the worst recession on record in Q2, London-listed stocks soared yesterday, with the FTSE 100 adding 2%. That gain took the index to a three week high. Utilities stocks were among the biggest winners of the day, with Severn Trent, Pennon…
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Venezuela's oil-backed state cryptocurrency is getting some traction. After the stable coin was created to fight off inflation and Trump's imposing regulations on the country, the Petro has experienced some downs, as it was not perceived well from common people and especially businesses. Things are starting to change, it looks. The Petro is now reportedly…
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The story of Venezuela and its affinity towards cryptocurrencies to save the economy is a very dynamic and interesting one. The President of Venezuela, Mr. Nicolas Maduro has embraced digital currencies as a way to fight back the plunging bolivar and the restrictive US sanctions imposed on the country. What has killed the economy, however,…
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Although recent press reports may contend otherwise, not all central banks are opposed to the notion of cryptocurrencies. The World Economic Forum released a report back in April that revealed that there are several ongoing central bank led projects that involve blockchain technology in support of what is called a Central Bank Digital Currency (CBDC).…
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The economy in Venezuela is going down. The country is experiencing high inflation and constant shortage of food and water, mainly because of US sanctions. In the summer of 2018, Leaprate reported that President Nicolas Maduro has placed all "his eggs in one basket" - by using the petro, a state-backed digital coin, to save…
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An interesting phenomenon is taking place on the global financial markets. The measures taken by the Trump Administration to tighten up global trade and “restore” the powerful place of the US as a number one economic power are seriously affecting the global political and economic powers. The most recent talks on how to neutralize the…
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More details have been forthcoming regarding the Iranian government’s attempt to build its own national cryptocurrency. CipherTrace, a digital asset security firm, has reported that this new virtual currency, named PayMon but dubbed “crypto rial”, has a real chance at success, unlike its predecessor in Venezuela. The obvious objective of this effort has been to…
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Desperate people are known to do desperate things, but is that maxim also true for countries? Venezuela, a failing socialist state, has two competing presidents at the moment and an inflation rate of 1.7 million percent. Yes, that is correct. It is not a typo. Due to inflation and a host of other reasons, the…
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Iranian officials have been working diligently in the background, ostensibly to reverse its general ban on cryptocurrencies and to produce a framework that will mesh well with its plans for a national cryptocurrency, to be backed by the Rial and managed by the central bank. The central bank chose the eve of a national Electronic…
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The Venezuelan government recently introduced a state-backed digital coin, called Petro. The country has been facing economic downturn and the Venezuelan President, Nicolas Maduro, introduced the oil-backed digital coin to fight the dying economy. Back in the summer of 2018, the situation in Venezuela was so critical that people had to line with days for food…
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