Bitcoin A Life Saver In Venezuela

A Venezuelan Local Bitcoin user shares how Bitcoin (BTC) is saving him and his family from financial ruin and hunger.

Carlos Hernandez recently told his story in The New York Times about how BTC is saving his family that has fallen victim to the current economic turmoil that has crippled Venezuela where citizens are experiencing a daily inflation rate of around 3.5%.

According to Hernandez he does not use their local currency as a store of value instead he keeps all his money in bitcoin.

He says that keeping your money in Bolivar is suicide.

This is the same reason why he does not own a bank account as they are allowed only to use banks using Bolivar, currency controls restricts citizens to use foreign currencies.

By keeping his money in BTC and exchanging it only when his family needs it in small amounts.

The Venezuelan reveals that although the government is not monitoring cryptocurrency transactions, it monitors Bolivar transactions.

Any transaction that is above $50 USD will automatically freeze your account until you will be able to explain where the funds came from.

Central Bank Of Bahrain Issues New Cryptocurrency Regulation

It has been reported that The Central Bank of Bahrain has recently released new regulations that is aimed to give regulatory clarity towards cryptocurrencies.

This comes after it proposed draft to regulate and license crypto asset services, which it revealed just last December 2018.

There will be new supervision and enforcement standards with the new regulations.

The new rules provide regulatory framework on licensing, governance, risk management, Anti-Money Laundering and Counter—Terrorist Financing measures.

It also seeks to give guidelines on business conduct, conflict of interest avoidance, reporting and security.

Crypto-related businesses such as cryptocurrency exchange is now required to register with the country’s central bank and must now follow guidelines concerning order matching, pre and post-trade transparency, market manipulation and market abuse avoidance.

Bitcoin Price Long-Term Indicator Suggesting Bottom

It has been revealed that for the first time in four years, a Bitcoin price indicator has turned bearish.

This suggests that the price of the most popular cryptocurrency could have already bottomed and a new bull run would likely to happen this year.

Bitcoin’s 50-week moving average has dropped below the 100-week MA which is a confirmation of a bearish crossover.

According to pundits, long-term bearish crossovers tend to occur at the end of a big bear move with prices rallying soon after.

The bear market is usually exhausted by the time the crossover is confirmed.

This seems to be the case for Bitcoin which is currently trading at around $3,750 up 19% from its low of $3,100 from 11 weeks ago.

Bitcoin’s previous bear market ended with the 50-week MA falling below the 100 week MA in April 2015 at which the asset traded horizontally for several months before breaking higher into a fresh bull market in October 2015.

It must be noted that all these happened a year before Bitcoin halving event which is exactly where we are in.

History seems to be repeating itself for Bitcoin.

Russia To Release Oil-Backed Crypto

It has been the general attitude of the Russian government to approach crypto with caution and trepidation.

This has caused the country to lag behind other countries such as Malta and Switzerland.

However, regulations is slowly falling into place with Russia’s State of Duma is finalizing cryptocurrency regulations for the nascent industry as well as plans to release its own oil-backed cryptocurrency similar to that of Venezuela..

According to a committee member of the state of Duma on economic policy, Oleg Nikoayev, the regulatory body is nearing the completion of a regulatory framework.

The initial release of the framework is set on March.

The former Energy Minister Igor Ysufov is optimistic on the release of the oil-backed crypto stating that oil-producing countries will be able to maneuver financial and trade restrictions.

He also reveals that the greatest beneficiaries of such a cryptocurrencies are OPEC+countires which include Russia.

By circumventing restrictions countries that will use the token will see increase in oil and gas exports.

Enjin Backing Samsung Galaxy S10 Blockchain Wallet?

It has been reported that South Korean crypto company Enjin has been chosen by Samsung to back blockchain wallet in its new flagship product the Samsung Galaxy S10 smartphone.

The anonymous source shared an image showing the Enjin wallet being used in the Galaxy S10 for Ethereum (ETH) transactions.

Samsung is reportedly using decentralized technology in order to secure the distribution of data, manage and share content and manage digital assets, including in-game ownership and transactions.

This is a good fit for Enjin as it is known for its REC1155-token- an asset class used to purchase and sell digital items in video games and establish digital ownership.

Neither of the two companies have confirmed nor denied any partnership.

Even the integration of the crypto wallet was made relatively low key in an effort to keep their main competitor, Apple, on their toes.

However, the integration of the crypto wallet has been confirmed on several occasions by reporters who were able to test the product.

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