“Iran to Tokenize Gold on Stellar”
Iran’s biggest banks have joined forces towards a vision of tokenizing assets on a private blockchain platform that may start officially operating by March 20th. The Stellar based blockchain has a native token called PayMon (PMN) which is backed by 30 milligrams of 24-karat gold with each PMN worth 156,581 rials. 15% of 1 billion in total supply is to be offered to the public with 20% to be offered to “anchors” which we take to mean institutional or big investors that have more than 300,000 PMN. The remaining 60% is to be distributed monthly with 5% going to the founding team. This is to be traded over the counter (OTC) at Iran Fara Bourse which handles about $2 billion in monthly OTC trading volumes
“Crypto Remittance in Venezuela”
The government of Venezuela has begun offering a cryptocurrency remittance service. Remittances can be sent using two types of cryptocurrency. The service was launched by the Superintendency of Crypto assets and Related Activities, the country’s main crypto regulator, which has also set a monthly limit and a commission per transaction. The petro is Venezuela’s national digital currency which the Maduro government claims to be a cryptocurrency backed by oil, gold, diamond, and other natural resources. Each coin was previously worth 3,600 sovereign bolivars (Bs.s). However, President Maduro raised its rate to 9,000 Bs.s in December and again in January to 36,000 Bs.s.
“Where Are The Bitcoins?”
Crypto investors and exchanges often keep their holdings in cold wallets – typically, physical devices disconnected from the web that can be plugged into a computer when needed since internet-connected hot wallets can be vulnerable to hackers. A preliminary review of transactions of the six wallets using public blockchain records showed that from April 2014 to approximately April 2018, aggregate Bitcoin month end balances in the identified cold wallets ranged from zero to a peak of 2,776 Bitcoin. The average aggregate month end balance over the four-year period was approximately 124 Bitcoin. Some Bitcoin in the wallets appear to have been transferred to accounts at other crypto exchanges.
“Bahrain Forcing India’s Hand”
As per the request of the Reserve Bank of India, the country’s central banking institution, local banks have been disallowed from dealing with crypto businesses such as Bitcoin exchanges since 2018. With no immediate plans of the Supreme Court of India to reverse the decision of the country’s central bank, crypto companies have been pushed out of the local market. However, a recent decision of the government of Bahrain to encourage cryptocurrency firms in India to come into the country and operate their businesses with proper resources could pressure India to potentially legalize and open its cryptocurrency market in the future.