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Economics Gazette

Economy and Business news

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August 19, 2019

Currencies

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

South Korea forbids anonymous trade of crypto-currencies

South Korea forbids anonymous trade of crypto-currencies to prevent the possibility of buying and selling Bitcoins by children under 19 and criminals. The country’s market is the third largest in the world for digital money trading after Japan and the United States. The new rules, which are expected to enter into force at the end

Bitcoin

Russia chose to regulate Bitcoin instead of banning it

The Russian Ministry of Finance has announced that it is working on legislation that introduces regulations on crypto-cutrrencies without prohibiting or legalizing them as a means of payment in the country. Originally, Russia had said it would ban the crypto-cutrrencies, as they could be used for money laundering or terrorist financing. But as digital money,

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