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#CryptoCorner: Iran Developing #DigitalCurrency, Venezuela Backs New Currency with Gov’t Created Petro Coin and Vietnam Bans Companies from #Crypto Activity

July 26th #CryptoCorner and Podcast sponsored by Crypto payment tech, #Flip @FlipToPay ($NXTD)

 

Point Roberts, WA and Delta, BC - July 26, 2018 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news reports on what's driving the cryptocurrency markets with today's edition of Crypto Corner, now available in podcast.

Listen to today's Crypto Corner Podcast:

http://www.investorideas.com/Audio/Podcasts/2018/072618-CryptoMarket.mp3

#CryptoCorner: Iran Developing Digital Currency, Venezuela Backs New Currency with Gov't Created Petro Coin and Vietnam Bans Companies from #Crypto Activity

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Crypto Corner

Iran Developing Digital Currency, Venezuela Backs New Currency with Gov’t Created Petro Coin and Vietnam Bans Companies from Crypto Activity

The total market cap this morning is sitting at $300 billion USD, matching a similar peak last seen on Wednesday of last week. Bitcoin (BTC) is trading at about $8200 USD and is still holding 47 percent market dominance with a trading volume of around $5 billion USD. All of this data is from CoinMarketCap.

The Islamic Republic of Iran plans to develop its own digital currency as a means to insulate itself from the effects of U.S. sanctions, according to Press TV. The Directorate for Scientific and Technological Affairs of the Presidential Office's deputy for management and investment affairs Alireza Dalira made the announcement. Dalira said it would be a joint effort between Iran's central bank and knowledge-based companies with expertise in digital currency.

"We are trying to prepare the grounds to use a domestic digital currency in the country. This currency would facilitate the transfer of money (to and from) anywhere in the world. Besides, it can help us at the time of sanctions."

Venezuela will launch their new crypto-pegged currency, the Bolívar Soberano (Sovereign Bolivar), on August 20 according to a report from telesur. The currency is anchored to Venezuelan cryptocurrency Petro (PTR), which is in turn backed by the country's oil. President Nicolás Maduro said the aim of the currency is to:

"stabilize and change the monetary and financial life of the country in a radical manner starting August 20."

"The productive, diversified and sustainable economic model must definitely be born" in Venezuela, for which the reconversion and anchoring to Petro are "a great hope".

Vietnam's State Securities Commission (SSC) has issued a ban on companies from partaking in any issuance, transaction or brokerage activities related to crypto, according to outlet Viet Nam News. Included in the ban are public companies, securities companies, fund management companies and securities investment funds. This follows news last week that the country was banning the import of crypto mining technologies.

Sam Mowers, Investorideas

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