Roundup – 21/09/2018 – Maduro reorganizes economy around XPD, AUD-alternative to Tether

Maduro reorganizes Venezuelan economy around the PetroDollar

Maduro started to structure Venezuela’s economy around the PetroDollar (XPD). It is the first cryptocurrency that backs fiat money as the Bolivar is now pegged to XPD.  In addition to that, Maduro also ordered Venezuelan Banks to adopt PetroDollar as an accounting unit. He even decreed that companies have to pay out their salaries partly in the first state-issued cryptocurrency. A viable strategy for Venezuela or just a desperate attempt? A question we asked ourselves last month already.

AUD-backed alternative to Tether announced

Yesterday we could report that Japan will likely get its first Yen-backed stablecoin. Now Australia follows. Just as with the Japanese version of Tether, the official announcement avoids mentioning a launch date, the name of the currency as well as any technical details. To realize the Australian stablecoin Bit Trade, an Australian crypto investment and management platform, is partnering with Emparta. Emparta is a new employment platform for the crypto sector. Both companies want to integrate their cryptocurrency into their platforms. However, it is unclear when the stablecoin will launch.

California prohibits Bitcoin donations in elections

The Fair Political Practices Commission in California ruled that donations in Bitcoin and other cryptocurrencies should be prohibited. According to the FPPC, it would not be possible for them to trace the origin of Bitcoin donations sufficiently. It is the state’s law that the origin of donations for political campaigns should be made public. Therefore, donations of Bitcoin conflict with existing donation requirements. As a consequence, the prohibition of  Bitcoin excludes any Altcoins as well in political donations in the golden state.  However, many other states of the USA allowed donating in cryptocurrencies. Even candidates for the presidential election may receive donations in Bitcoin as well.