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 plans would include nearly 20,000 homes initially for 50,000 residents and could grow to 400,000 people.
In an annual assessment of global inequalities, Oxfam International said the first trillionaire could emerge within the next decade — as the anti-poverty organization pointed to the growing wealth gap that skyrocketed globally during the pandemic.
The Biden administration proposed a cost drop for overdrawing bank accounts, which it says could particularly relieve Americans living paycheck to paycheck.
With thousands of layoffs in tech and beyond, how workers can keep their skills sharp, plus reasons to be hopeful when looking at the job market.
Taking a look at investment strategy as the new year gets into full swing.
Americans stepped up their spending in December more than expected, closing out the holiday season and the year on an upbeat tone. The Commerce Department said retail sales rose 0.6% in December compared with a November’s 0.3% increase.
A New York architect charged in a string of slayings known as the Gilgo Beach killings was accused in a 25-year-old Connecticut woman's death.
Uber purchased Drizly in a cash-and-stock deal for $1.1 billion in 2021. The drink delivery app will shut down in March, according to Uber.
After Donald Trump's victory at the Iowa caucus, Nikki Haley and DeSantis continue their campaigns as New Hampshire's primary looms.
Christine Short, VP of Research at Wall Street Horizon, shares insights on small and big banks earnings, a fresh round of layoffs in the tech world, and what to expect from upcoming rate decisions.
