#cryptopound

[cryptoliveclub-blog]

U.K. Exchange Launches GBP-Pegged Cryptocurrency

New Post has been published on https://cryptolive.club/u-k-exchange-launches-gbp-pegged-cryptocurrency/

U.K. Exchange Launches GBP-Pegged Cryptocurrency

The London Block Exchange has announced the launch of a GBP-pegged cryptocurrency stablecoin called LBXPeg. In a statement posted on its website, LBX revealed that the so-called “cryptopound” will be tied to the value of GBP held in an auditable U.K. bank account on a 1:1 basis. Speaking t

[santong]

New Stablecoins: From Cryptopound and Metal-Backed Swiss Coin to Mongolian ‘Candy’

New Stablecoins: From Cryptopound and Metal-Backed Swiss Coin to Mongolian ‘Candy’

[ad_1]

Altcoins

Following some notable premiers in the genre recently, the next batch of stablecoins is on the way. A British startup is partnering with a bank to launch a GBP-pegged crypto, a Swiss commodities trader wants to mint a coin backed by metals, and a Mongolian telecom has been licensed to issue the country’s first digital currency with the same…

[bowsetter]

Venezuela Demands Citizens Pay for Passports With Petro

Venezuelan authorities have found another way to impose the adoption of the state-issued cryptocurrency, the petro. Citizens will soon have to pay with the government-controlled digital coin if they want to obtain a travel document. Hundreds of Venezuelans are leaving the crisis-hit country every day.

Also read: New Stablecoins: From Cryptopound and Metal-Backed Swiss Coin to Mongolian ‘Candy’

‘Embracing’ Maduro’s Crypto

Venezuelans might not have embraced the national cryptocurrency yet but their government has adoption on the agenda and it’s looking for ways to enforce it. Citizens of the economically battered South American country have been leaving their homeland despite its president’s attempts to restrain the record hyperinflation, resuscitate the ruined economy and circumvent mounting U.S. sanctions. The introduction of El Petro, the oil-backed, state-issued token, has been at the core of Nicolas Maduro’s plans to improve the socioeconomic situation.

Many Venezuelans don’t have great expectations about his proposed reforms, including the idea that a government-controlled cryptocurrency can bring tangible change. They have continued to depart at a daily rate of 5,000 people. To do that they need a passport. To obtain it, they’ll have to overcome another obstacle – travel documents will be issued in return for petro.

President Maduro and his leftist administration have not spared efforts to promote the digital coin that has raised many doubts – some say it’s not backed by anything, others claim it’s not really a crypto. Recently, authorities in Caracas made it an official unit of account, along with the redenominated, petro-pegged Venezuelan fiat currency, Bolívar Soberano, the “sovereign bolivar”. The government tried to impose it in this role both on businesses and banks. Now it has decided to put it into the wallets of Venezuelans, those who are trying to leave, and then take it as a fee.

Two Petros, One Passport

New Venezuelan passports will cost two petros, equivalent to 7,200 bolivars ($115 USD) or four minimum monthly wages, Maduro’s deputy, Vice-President Delcy Rodriguez stated Friday during a televised press conference, local and foreign media reported. By the way, the token has not even been issued to the public yet – it’s expected to go on sale on November 5.

Earlier this year, Maduro and his people announced the coin had attracted $735 million on the first day of its private presale. Earlier Venezuela issued a whitepaper for the petro. A new document published recently, reportedly copied from Dash, shows that the crypto isn’t backed by oil only but also by some of the country’s other riches such as gold, diamonds, iron, and aluminum.

This week, Venezuela’s socialist leader was quoted saying that the petro doesn’t need to be mined like other digital currencies as it already has a value. Maduro said the Venezuelan coin will be launched as a national currency and claimed it was already “present in the world’s six topmost international exchange houses,” as news.Bitcoin.com reported.

This past Friday, Venezuelan authorities announced the creation of a new police unit tasked to deal with migration issues, the South China Morning Post reported. Tired of constant food shortages, lack of running water and power outages, many Venezuelans have been leaving the country through illegal border crossings mainly on the 2,200-kilometer long border with neighboring Colombia. Almost a million of Maduro’s compatriots have already moved there. Vice-President Rodriguez said the new force will guard 72 exit points, ports and airports – another hurdle for Venezuelan emigrants.

What do you think about the situation in Venezuela and its state-issued cryptocurrency? Share your thoughts on the subject in the comments section below.

Images courtesy of Satoshi Nakamoto Republic.

Express yourself freely at Bitcoin.com’s user forums. We don’t censor on political grounds. Check forum.Bitcoin.com.

The post Venezuela Demands Citizens Pay for Passports With Petro appeared first on Bitcoin News.

READ MORE http://bit.ly/2Pk0246

[michaelbennettcrypto]

Another Stablecoin: U.K. Crypto Exchange Launches GBP-Pegged Cryptocurrency

The London Block Exchange has announced the launch of a GBP-pegged cryptocurrency stablecoin called LBXPeg. In a statement posted on its website, LBX revealed that the so-called “cryptopound” will be tied to the value of GBP held in an auditable U.K. bank account on a 1:1 basis. Speaking to Business Insider ahead of the launch, LBX CEO,

The post Another Stablecoin: U.K. Crypto Exchange Launches GBP-Pegged Cryptocurrency appeared first on CCN

from Cryptocracken WP https://ift.tt/2OvvGyz via IFTTT

[joshuajacksonlyblog]

Another Stablecoin: U.K. Crypto Exchange Launches GBP-Pegged Cryptocurrency

The London Block Exchange has announced the launch of a GBP-pegged cryptocurrency stablecoin called LBXPeg. In a statement posted on its website, LBX revealed that the so-called “cryptopound” will be tied to the value of GBP held in an auditable U.K. bank account on a 1:1 basis. Speaking to Business Insider ahead of the launch, LBX CEO,

The post Another Stablecoin: U.K. Crypto Exchange Launches GBP-Pegged Cryptocurrency appeared first on CCN

from Cryptocracken Tumblr https://ift.tt/2OvvGyz via IFTTT

[brettzjacksonblog]

Another Stablecoin: U.K. Crypto Exchange Launches GBP-Pegged Cryptocurrency

The London Block Exchange has announced the launch of a GBP-pegged cryptocurrency stablecoin called LBXPeg. In a statement posted on its website, LBX revealed that the so-called “cryptopound” will be tied to the value of GBP held in an auditable U.K. bank account on a 1:1 basis. Speaking to Business Insider ahead of the launch, LBX CEO,

The post Another Stablecoin: U.K. Crypto Exchange Launches GBP-Pegged Cryptocurrency appeared first on CCN

from CryptoCracken SMFeed https://ift.tt/2OvvGyz via IFTTT

[dailycryptonewsus-blog]

The London Block Exchange has announced the launch of a GBP-pegged cryptocurrency stablecoin called LBXPeg. In a statement posted on its website, LBX revealed that the so-called “cryptopound” will be tied to the value of GBP held in an auditable U.K. bank account on a 1:1 basis.

[sutekhdasteemroller-blog]

Venezuela Demands Citizens Pay for Passports With Petro

Venezuela Demands Citizens Pay for Passports With Petro

Venezuelan authorities have found another way to impose the adoption of the state-issued cryptocurrency, the petro. Citizens will soon have to pay with the government-controlled digital coin if they want to obtain a travel document. Hundreds of Venezuelans are leaving the crisis-hit country every day.

Also read: New Stablecoins: From Cryptopound and Metal-Backed Swiss Coin to Mongolian ‘Candy’

‘…

[altcoinernl-blog]

Venezuela Demands Citizens Pay for Passports With Petro

Venezuela Demands Citizens Pay for Passports With Petro

Venezuelan authorities have found another way to impose the adoption of the state-issued cryptocurrency, the petro. Citizens will soon have to pay with the government-controlled digital coin if they want to obtain a travel document. Hundreds of Venezuelans are leaving the crisis-hit country every day.

Also read: New Stablecoins: From Cryptopound and Metal-Backed Swiss Coin to Mongolian ‘Candy’

‘E…

[btc-current-blog]

Venezuela Demands Citizens Pay for Passports With Petro

Venezuela Demands Citizens Pay for Passports With Petro

[ad_1]

Venezuelan authorities have found another way to impose the adoption of the state-issued cryptocurrency, the petro. Citizens will soon have to pay with the government-controlled digital coin if they want to obtain a travel document. Hundreds of Venezuelans are leaving the crisis-hit country every day.

Also read: New Stablecoins: From Cryptopound and Metal-Backed Swiss Coin to Mongolian…

[tradecryptocoin-blog]

Venezuela Demands Citizens Pay for Passports With Petro

Venezuela Demands Citizens Pay for Passports With Petro

Venezuelan authorities have found another way to impose the adoption of the state-issued cryptocurrency, the petro. Citizens will soon have to pay with the government-controlled digital coin if they want to obtain a travel document. Hundreds of Venezuelans are leaving the crisis-hit country every day.

Also read: New Stablecoins: From Cryptopound and Metal-Backed Swiss Coin to Mongolian ‘Candy’

‘…

[dailycryptocurrencynews-blog]

Venezuela Demands Citizens Pay for Passports With Petro

News Venezuelan government have discovered differently to impose the adoption of the state-issued cryptocurrency, the petro. Citizens will quickly must pay with the government-controlled virtual coin in the event that they wish to download a trip record. Hundreds of Venezuelans are leaving the crisis-hit nation each day. Also learn: New Stablecoins: From Cryptopound and Metal-Backed…

Venezuela Demands Citizens Pay for Passports With Petro was originally published on Daily Cryptocurrency News

[bowsetter]

Another Stablecoin: U.K. Crypto Exchange Launches GBP-Pegged Cryptocurrency

The London Block Exchange has announced the launch of a GBP-pegged cryptocurrency stablecoin called LBXPeg. In a statement posted on its website, LBX revealed that the so-called “cryptopound” will be tied to the value of GBP held in an auditable U.K. bank account on a 1:1 basis. Speaking to Business Insider ahead of the launch, LBX CEO,

The post Another Stablecoin: U.K. Crypto Exchange Launches GBP-Pegged Cryptocurrency appeared first on CCN

source https://www.ccn.com/another-stablecoin-u-k-crypto-exchange-launches-gbp-pegged-cryptocurrency/ READ MORE http://bit.ly/2DZfWA3

[dineroonline-blog]

Otra clave: el Reino Unido Crypto Exchange lanza una Criptomoneda vinculada a GBP

Otra clave: el Reino Unido Crypto Exchange lanza una Criptomoneda vinculada a GBP

Otra clave: el Reino Unido Crypto Exchange lanza una Criptomoneda vinculada a GBP

El London Block Exchange tiene Anunciadoel lanzamiento de una stablecoin de criptomoneda vinculada a la libra llamada LBXPeg. En un comunicado publicado en su sitio web, LBX reveló que el llamado "cryptopound" estará vinculado al valor del GBP en una cuenta bancaria auditable de Reino Unido en una base de 1: 1.

[joshuajacksonlyblog]

London Block Exchange Launching Crypto Pound-Backed Stablecoin

The London Block Exchange said they have permission to launch a new virtual currency, the LBXPeg. The stablecoin would be backed by UK Pound Sterling reserves.

The London Block Exchange (LBX) is planning to release a new virtual currency pegged to the Pound Sterling.

The startup’s CEO Benjamin Dives told Business Insider the first “cryptopound” would be minted within 10 days.

LBX is proud to announce the worlds first GBP backed stablecoin!

LBXPeghttps://t.co/9ltCtHEyVU

— LBX, The London Block Exchange (@LBXSocial) September 29, 2018

The company said they received permission from a still-anonymous banking partner on Friday to go ahead with the launch of LBXPeg.

This third party bank will be responsible for holding the one-to-one reserves of the new stablecoin.

Dives said that reserves will undergo regular audits by a leading accountancy firm.

The London Block Exchange touts themselves as the “only London-based cryptocurrency exchange offering safeguarded UK Banking.” They offer Over-The-Counter (OTC) services alongside a “College Of Crypto” to teach about the industry.

Welcoming The Crypto Pound

Dives said the use cases for the LBXPeg would be centralized around:

OTC trades in the London market, then commonwealth exchanges where they don’t have fiat banking, and then securities tokens who want to pay dividends in a cryptopound.

In a company blog post from September 29th, the LBX said they would be initially using Ethereum’s blockchain for the development and distribution of the stablecoin.

Right now, LBXPeg will be an ERC-621 token that is built around the ERC-20 standard. The company wrote how it would be released on other blockchains “where compliance controls can be maintained.”

The LBX also noted they were open to see if they could tie the cryptocurrency to the Euro or U.S. Dollar down the road to boost scope and stability.

Stablecoin Frenzy

According to the company, LBXPeg is a necessity due to the lack of trust in current projects. This lack of trust is fueling increased interest in stablecoins.

The company believes many stablecoins on the market are,

Inadequate for the needs of businesses, traders and consumers.

Some have written about a so-called stablecoin rush. As research reveals the number of stablecoins has jumped dramatically over the last 18 months.

They have become popular because people can use them to jump in and out of positions without having to worry about capital gains taxes.

Just a few of days ago, crypto finance company Circle released their USD Coin (USDC) stablecoin, which is collateralized with the USD at a 1:1 ratio.

The news from Circle follows approval by the New York Department of Financial Services for stablecoins from Gemini and Paxos.

Others have cast doubt on the long-term viability of stablecoins. An article from the Guardian noted longstanding questions about the validity of Tether’s purported dollar deposits.

The article also noted out stablecoins that are partly or un-collateralized could see their value plummet if investors suddenly exited en mass.

What do you think about LBXpeg’s upcoming Crypto Pound? Let us know in the comments below!

Images courtesy of Bitcoinist archives, Shutterstock, Twitter/@LBXsocial.

The post London Block Exchange Launching Crypto Pound-Backed Stablecoin appeared first on Bitcoinist.com.

from Cryptocracken Tumblr https://ift.tt/2y3WGL8 via IFTTT

[investingbitcoinguide]

New Stablecoins: From Cryptopound and Metal-Backed Swiss Coin to Mongolian ‘Candy’ <p>Following some notable premiers in the genre recently, the next batch of stablecoins is on the way. A British startup is partnering with a bank <a class="mh-excerpt-more" href="https://investingbitcoinguide.com/09/29130/crypto-trends/new-stablecoins-from-cryptopound-and-metal-backed-swiss-coin-to-mongolian-candy/" title="New Stablecoins: From Cryptopound and Metal-Backed Swiss Coin to Mongolian ‘Candy’">[...]</a></p> <p>The post <a rel="nofollow" href="https://investingbitcoinguide.com/09/29130/crypto-trends/new-stablecoins-from-cryptopound-and-metal-backed-swiss-coin-to-mongolian-candy/">New Stablecoins: From Cryptopound and Metal-Backed Swiss Coin to Mongolian ‘Candy’</a> appeared first on <a rel="nofollow" href="https://investingbitcoinguide.com">EXCLUSIVE CRYPTOCURENCY INVESTMENT GUIDE</a>.</p>

Following some notable premiers in the genre recently, the next batch of stablecoins is on the way. A British startup is partnering with a bank [...]

The post New Stablecoins: From Cryptopound and Metal-Backed Swiss Coin to Mongolian ‘Candy’ appeared first on EXCLUSIVE CRYPTOCURENCY INVESTMENT GUIDE.

from EXCLUSIVE CRYPTOCURENCY INVESTMENT GUIDE https://investingbitcoinguide.com/09/29130/crypto-trends/new-stablecoins-from-cryptopound-and-metal-backed-swiss-coin-to-mongolian-candy/