Sat, February 04, 2023

Cryptocurrencies around the world

Bitcoin and its problems

The digital currency market is developing in many countries. It is not a secret that cryptocurrencies offer several advantages in comparison with fiat currencies. However, there are countries that are trying to use crypto money to evade the sanctions.  Another problem is the hackers who are engaged in illegal activities.

It is important to mention that some people turn to cryptocurrencies to cover their wrongdoings. Unfortunately, such cases helped to create negative publicity for law-abiding citizens.

One of the countries which decided to use digital currencies is Venezuela. This South American which has the largest proven oil reserves in the world is trying to evade sanctions. Its population is trying to meet ends meet, and this situation started several years ago. Due to the sanctions imposed on the Venezuelan government as well as state-owned oil company the PDVSA oil sector found itself in a difficult position.

Recently, the president of Venezuela Nicolas Maduro addressed this topic during his speech.  He said that the Finance Minister and the central bank of Venezuela have the opportunity to conduct crypto transactions. He noted that any person or company would have the possibility to use this system.

In 2018 Maduro unveiled a national cryptocurrency called Petro. However, this project is far from being successful.

South Korean court and cryptocurrenciesVenezuela and sanctions

Another interesting story regarding the digital currencies that happened in South Korea. Last week on September 27, Seoul Southern District Court ordered the Coinone to pay the compensation. Coinone is a Korean crypto exchange. According to the South Korean court, the crypto exchange partly responsible for the loss of cryptocurrencies.

One South Korean crypto owner lost most of its digital currencies as a result of cyber theft. This case once more highlights that cybersecurity should become a top priority for crypto exchanges.

Last but not least is the price of Bitcoin. Right now, Bitcoin’s price is $8,218. It failed to break the resistance level above $8,500.

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