Big Oil is due for a disruption.
The pre-sale of Petro began early on Tuesday, the cryptocurrency proposed by the Venezuelan government in recent weeks and backed by the country's natural resources. According to experts, it is “ridiculous”, arguing that the creation of a new currency would aggravate the economic crisis in the Caribbean country.
According to the journalist specialized in technology Edgar Rincon, the solution devised by the Venezuelan government to evade the “strong and cruel sanctions of the international community to Venezuela”, the Petro, is not a cryptocurrency because “within the guidelines of the cryptocurrency guide does not fit. ”
The first-ever Bitcoin future jumped after it began trading on Sunday as the increasingly popular virtual currency made its debut on a major U.S. exchange. The futures contract that expires in January surged more than US$3,000 to US$18,010 four hours after trading launched on the Chicago Board Options Exchange. The contract opened at US$15,000, according to data from the CBOE.
The anti-money laundering regulations should be updated to include Bitcoin and other virtual currencies, the UK Treasury has said. The Metropolitan Police says criminals are using crypto-currency cash machines to launder money in London.
Bitcoin has taken another step toward the financial mainstream, after a US regulator said it would let two traditional exchanges begin trading in Bitcoin-related financial contracts. CME Group and CBOE Global Markets exchanges will offer investors Bitcoin futures from later this month.
The US Congress should look into legal options for regulating virtual currencies such as bitcoin, said Federal Reserve Chair Janet Yelleny. Japan-based bitcoin exchange Mt. Gox went dark leaving customers unable to access their accounts. Experts have warned they might not have much recourse to recover their money.