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Economics Gazette

Economy and Business news

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December 15, 2018

Currencies

Carney

Mark Carney called for regulations on cryptocurrencies

The Governor of the Bank of England Mark Carney called for tougher regulations on digital currencies to put an end to their “anarchy”. According to him, it is now time “the environment of cryptocurrencies to be subjected to the same standards as the rest of the financial system”. Mark Carney also said that cryptocurrencies currently

Mark Carney

Bitcoin failed as a currency according to Mark Carney

The Bitcoin failed as a currency, measured by default criteria, and has no value nor a useful way to buy things, revealed the Governor of the Bank of England Mark Carney. “This has largely failed so far … in terms of traditional aspects of money. It’s not a value store because it’s everywhere. No one

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

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