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Economics Gazette

Economy and Business news




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February 21, 2018

Currencies

Petro

Venezuela attracted 735 million USD from its cryptocurrency Petro

Venezuela attracted 735 million USD on the first day of selling its own cryptocurrency Petro, revealed the country’s president Nicolas Maduro. The initial coin offering (ICO) aimed to bring the country out of the economic crisis. Maduro hopes that oil will allow the affected OPEC member to compensate the US sanctions, while the currency Bolivar

Bolivar

Venezuela wiped out over 99% of its value against the Euro

Venezuelan Bolivar collapsed with between 86.6% and 99.6% after the central bank resumed currency auctions for the first time since last August as part of its efforts to alleviate the serious dollar shortage and attempt to tackle hyperinflation. At the new official dollar exchange platform DICOM, the rate is 25,000 Bolivar per USD, while EUR

Bitcoin trade

Bitcoin price dropped after Indian government announced it for illegal

The Indian government will take all measures to eliminate payments with Bitcoin and cryptocurrencies, announcing them for not being legal currency. “The government will take all possible steps to end the use of cryptocurrencies in the country’s payment system due to the possibilities to fund illegal activities through them”, said the Indian finance minister, Arun

dollar policy

US Treasury Department does not need a dollar policy

The US finance ministers generally prefer to comment as little as possible the trend of the dollar, which is wise, as they do not have a reliable way to control it. When dare to comment, it is usually to say that they believe in a strong dollar in the very same way that defense ministers

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