While the socialist rogue state of Venezuela clutches to a straw and adopts crypto, the UK is cracking down on cryptocurrency owners. A proof of being a rogue state itself? Meanwhile, the Chinese exchange Huobi helps its partners in five countries to launch their own exchange with Huobi cloud.
Petro becomes official currency in Venezuela
The Venezuelan president, Nicolas Maduro announced that the Petro will become an official currency of Venezuela from the 20th August on. Apparently, it will coexist with Venezuela’s fiat currency, Bolivar. The IMF expects the Bolivar to plummet by a rate of 1,000,000% by the end of the year. Which is why people have adopted Bitcoin and other cryptocurrencies as a means of payment. The Petro is supposed to be backed by the country’s oil production. However, the price of oil rose throughout the year while the Petro’s price constantly fell.
Several banks in the UK have closed their customers’ bank accounts who are cryptocurrency owners. Banks who conducted these harsh measurements were the Clydesdale bank and the Natwest bank. One victim even claims that the police raided its house with a search warrant and seized computers and other hard drives. Which indicates that the government of the UK ordered this move. The victims are accused of money laundering and scamming. As a reaction to this, the trading pairs of major cryptocurrencies rose with the British pound. People are cashing out and bid buyers to not mention any crypto-related words in the reference.
Huobi Launches Partner Exchanges in five countries
Huobi launches partner exchanges in Russia, Philippines, Taiwan, Indonesia and Canada. The Chinese exchange will provide its technology to the partners and they will launch their own platform on the Huobi cloud. Huobi launched the platform last month and said it intended to support other exchanges to further the adoption of cryptocurrencies globally through this step. The Chinese exchange is currently the third biggest in trading volume world wide.