Venezuela is days away from launching its own cryptocurrency, and Israel is considering making a similar move.
But one expert says that a digital coin for a country, controlled by a single government rather than decentralized like Bitcoin and others, doesn’t truly capture the essence of crypto.
“It’s like taking a magazine and saying, ‘Well now it’s digital.’ But you really just converted the magazine to a website,” said Shaun Newsum, founder of ICO Watchdog.
“What it will effect though, is people that are mining. Miners will probably have to be ‘approved miners.’ That would be regulated. And also exchanges. They will probably ban all exchanges unless you’re using the central exchanges that they approve.”
Venezuela’s *petro* will be backed by 5.3 billion barrels of oil, worth about $267 billion. The government hasn’t provided any technical details, but officials hope the coin can be used to pay off debt and offset losses in its main currency, the bolivar.
Israel, meanwhile, hasn’t made any specific plans for its own digital currency, though the central bank is reportedly exploring options as it tries to reduce the amount of cash in its financial system.
For the full segment [click here](https://cheddar.com/videos/keeping-cryptocurrencies-accountable).
The federal tax collector said Monday that roughly 940,000 people in the U.S. have until May 17 to submit tax returns for unclaimed refunds for tax year 2020, which total more than $1 billion nationwide.
Allies of Florida Gov. Ron DeSantis and Disney have reached a settlement agreement in a state court fight over how Walt Disney World is developed in the future.
Ahead of the WNBA season and in the midst of March Madness, New York Liberty CEO Keia Clarke discusses the team’s new deal with Barclays and bringing even more attention to women’s sports.
U.S. Nissan head Jérémie Papin joins from the New York International Auto Show to give a preview of what’s to come from the carmaker – including the 2025 Nissan Kicks.
Ed Mitzen, the CEO of Business for Good, explains how and why he’s giving back by funding businesses from marginalized entrepreneurs to push social change.
Dana D’Auria, co-CIO at Envestnet, breaks down how she’s expecting markets to perform as ‘cracks’ from the rate hike cycle slowly filter into the economy.
A large cargo ship lost power and issued a mayday call moments before it struck the Francis Scott Key Bridge early Tuesday, though it was still moving toward the span at a rapid speed.
