Venezuela’s Oil-Backed Cryptocurrency: ‘Petro’

Venezuela’s Oil-Backed Cryptocurrency: ‘Petro’

In his weekly national television program, Venezuelan President Nicolas Maduro unveiled a plan to evade international sanctions through an oil and natural reserve (gold, gas and diamond), backed crytocurrency called petromoneda ("Petro"). About a year ago, NPR's Planet Money conducted a podcast describing Venezuela as an "economic horror story" arguing that "Venezuela didn't save its [...]

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Cryptocurrency: The Future of Payment for Luxury Dubai Properties

Cryptocurrency: The Future of Payment for Luxury Dubai Properties

Dubai, United Arab Emirates ("UAE") is rapidly establishing itself as a smart city across various business sectors, including real estate. From investing in flying taxis, establishing an innovative FinTech Incubator Hive, expanding its international financial center ("DIFC") to creating whole islands inspired by prominent world sites, the UAE is truly exemplifying that no idea is to remote [...]

Remittance FinTechs and the UAE

Remittance FinTechs and the UAE

The growth of FinTechs, or technology enabled financial services, has skyrocketed in an attempt to eliminate the confines of traditional banking. According to The World Economic Forum, "Two and a half billion people around the world are un- or underbanked." This is where FinTechs have come in, making financial services more accessible than ever before, especially [...]

What Does China’s Ban on ICOs Mean?

What Does China’s Ban on ICOs Mean?

On September 4, 2017, the People's Bank of China ("PBoC") issued a statement banning Initial Coin Offerings ("ICOs") and crypto token sales in order to avoid suspected illegal financial activities and the serious disruption of financial order in the People's Republic of China ("PRC"). In its statement, the PBC claims that token sales are an illegal [...]