Pizza Hut to accept Bitcoin for pies in Venezuela (www.blockcast.cc)

A famous U.S.-based pizza chain has begun accepting cryptocurrency payments in all its stores in Venezuela.

According to a Nov. 27 tweet from crypto services firm CryptoBuyer, Pizza Hut stores in the South American nation now accept crypto as a form of payment for food and drinks. The move follows the crypto firm partnering with Mega Soft to drive adoption in Venezuela by facilitating crypto payments at more than 20,000 shops and businesses.

“Pizza Hut nowadays cannot be detached from these technological advances and all those incorporating new approaches for daily necessities,” said Richard ElKhouri, General Director for Venezuelan operations of the pizza chain, in an interview with local news outlet ElAxioma. “It is important that we accommodate young people, modern adults, and people technologically knowledgeable.”

Using CryptoBuyer, customers can purchase pizza at the restaurant chain with Bitcoin (BTC), Litecoin (LTC), Dash (DASH), Binance Coin (BNB), Binance USD (BUSD), Ether (ETH), Tether (USDT), Dai (DAI), and its native token XPT. Pizza Hut has locations in the capital, Caracas, as well in the cities of Maracay, Maracaibo and Barquisimeto.

Based in Panama, Cryptobuyer is a cryptocurrency merchant gateway startup that also runs Bitcoin ATMs across Central and South America. The firm has already opened popular companies for crypto payments, including U.S.-based fast food chains like Burger King, the Tamanaco Intercontinental Hotel in Caracas, and Traki, the largest chain of retail stores in the country.

Bitcoin’s beginnings go hand-in-hand with the American staple dish, as the first documented commercial purchase using the cryptocurrency was an order for two pizzas. On May 22, 2010, programmer Laszlo Hanyecz completed the first documented commercial Bitcoin purchase, paying 10,000 BTC — now worth roughly $181 million — for a Bitcoin Talk forum user to send him two pies from a Papa John’s store in the United States. 

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Author: Refer to Source Cointelegraph By Turner Wright

Venezuela announced a trial of a new decentralized stock exchange (www.blockcast.cc)

• Recent reports from Venezuela revealed that the country is testing a new decentralized stock exchange.
• The exchange will supposedly offer the use of crypto and fiat, and it will be available around the world.
• It is believed that the platform is created on Ethereum’s blockchain due to the use of ERC token models.

Venezuela is back with another crypto-revolving idea, and this time, the country is planning to launch a crypto-powered decentralized stock exchange. The exchange will allegedly have a global reach, in spite of the sanctions that have already severely damaged the small nation’s economy.

Venezuela launches the world’s first ‘decentralized stock exchange’

According to reports, Venezuela’s National Securities SUperintendency has allowed the launch of the decentralized stock exchange’s pilot, which is to be tested over the next 90 days.

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The exchange is called BDVE, and its new website claims that the platform will be the first decentralized stock exchange in the world. The site also noted that the exchange’s users will have access from anywhere across the globe, and that there will be no restrictions. BDVE will also feature both, crypto and fiat currencies.

The exchange was described as a new and innovative segment of the stock market. It uses communication and information technologies which will provide strong security for the investors, and give them control over financial assets.

What is known about the new platform?

As mentioned, the country’s security watchdog has granted the exchange permission to conduct tests for the next 90 days, during which the platform will be closely watched. Depending on its performance, the local securities authority might decide to give it a license to continue trading.

The platform also published an operating manual, which revealed that it will offer ERC-223, ERC-721, as well as third ‘packable’ tokens. The word ‘Ethereum’ is not directly mentioned anywhere, although the fact that Ethereum-based tokens will be used, it is fair to assume that this is the blockchain on top of which the platform was built.

Another interesting detail is that the manual also did not mention the country’s native cryptocurrency, the oil-backed Petro. This comes as a surprise, as the country’s president, Nicolas Maduro, came up with a number of ways to try and force the use of Petro over the past few years.

Maduro also announced a new anti-sanctions bill on the very same day, which has a purpose to help mitigate the impact of the US-imposed sanctions. The bill will allow the use of private, as well as state-backed coins to bypass the sanctions, and is currently under review.

Crypto to bypass sanctions? Yes, says Venezuela’s President Maduro (www.blockcast.cc)

The government of Venezuela has floated a new use case for cryptocurrencies, President Nicolas Maduro said during a recent speech, one that highlighted the possibility of using digital assets in trades, alongside the cryptocurrency Petromoneda (or Petro). The controversial Petro was launched two years ago to reduce the Venezuelan economy’s dependence on the U.S dollar. However, according to many foreign observers, the experiment has been a failure. 

During the aforementioned speech, President Maduro presented an anti-sanctions law before the Constituent National Assembly, one that aims to “strengthening the use of Petro and other cryptocurrencies.” According to the President, such a law would stimulate the development of various sectors in the South American nation. Maduro added,  

“The anti-sanctions law is the first response to give new strength to the use of petro and other cryptocurrencies, national and global, in domestic and foreign trade, so that all cryptocurrencies of the world, state and private, could be used. This is an important project that is under development.”

After U.S. sanctions blocked Venezuela from carrying out global transactions, the President had announced that the country’s central bank would actively study whether the bank could hold cryptocurrencies in its reserves. 

In fact, several months ago, Maduro had airdropped state-supported stablecoin Petro, a step that was seen in many quarters as an attempt to rein in hyperinflation and the drop in oil prices using crypto. The speech in question, however, did not clarify if its use of cryptos would also function along the same lines.

On the contrary, a study by blockchain and crypto-analysis firm Chainalysis had found that,

“Venezuela represented an excellent example of cryptocurrency adoption in developing countries and how citizens use it to mitigate economic instability.”

In fact, the South American nation was ranked third in terms of global crypto-adoption by the study, as seen in the image below. 

Image Source: Chainalysis

Besides, Brazil has also announced plans to launch a CBDC soon, which, along with the Venezuelan crypto, could further drive the adoption of cryptocurrencies in the Latin American region. 

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Venezuela sees its first Blockstream Bitcoin satellite node (www.blockcast.cc)

A Bitcoin services startup based in South America has just launched the first Bitcoin node connected to the Blockstream satellite network within Venezuela.

According to a Sept. 25 blog post from startup Cryptobuyer, the launch of the node will keep the Bitcoin (BTC) blockchain updated for Venezuela users without being dependent on a local internet connection. Crypto training course provider AnibalCripto deployed the node while CryptoBuyer provided financial and logistical support. 

“Having a 24/7 always-available digital money system independent of local internet infrastructure is now a reality,” said AnibalCripto CEO Anibal Garrido. “With this development, we are no longer subject to requirements such as the use of an Internet Service Provider, which may attempt to break the principles of privacy and decentralization that are the foundations of this cypherpunk technology.”

The addition of the node had the ability to offer “real and tangible products that solve real-world problems” in Venezuela, according to CryptoBuyer CEO Jorge Farias. As of 2017, the country had one of the slowest recorded internet speeds in the world at 2.8 Mbps. Technology which offers internet-free Bitcoin transactions could be quite appealing to crypto users. Farias said:

“Users can’t afford to be cut off from the Bitcoin network.”

Cryptobuyer stated it would assist in the installation of additional satellite nodes in the capital, Caracas, as well as the southern state of Bolivar state, with the goal of providing all Venezuelans better access to the Bitcoin blockchain. Users within range of the nodes will reportedly be able to connect through local mesh networks.

The Blockstream service — consisting of six geostationary satellites — provides information sharing to crypto users in nearly every corner of the world. The Canada-based blockchain company announced in May that it had upgraded its satellite network that carries the Bitcoin blockchain for the first time since 2018. The company stated the technology had “the ability to sync a Bitcoin full node all the way from the genesis block up to today.”

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Author: Refer to Source Cointelegraph By Turner Wright

Bitcoin Dangerously Close To Going Parabolic in 2021 | Europe & Venezuela Get Serious [MUST WATCH] (www.blockcast.cc)

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No, you can’t buy Venezuela’s Petro on any overseas exchanges (www.blockcast.cc)

A New York-based crypto exchange has listed a token with the same name as the Venezuelan state-issued asset, the Petro (PTR). In reality however, the two are entirely unconnected.

Exchanges such as BitMart have recently begun listing this similarly named token for trade on their platforms. However, the Venezuelan government has not yet announced any partnerships with exchanges abroad.

According to an article published by Cointelegraph Spanish, only seven local crypto exchanges offer PTR for trade in Venezuela. Two government platforms, named Plataforma Patria and PetroApp, additionally allow speculators to access the token. None of these exchanges are technically available to an international audience.

This isn’t the first time confusion has led to a spike in price for a non-affiliated asset. When Nicolas Maduro, president of Venezuela, launched the official token in February 2018, another unconnected token called “PetroDollar (XPD)” skyrocketed over 2,000% on an exchange called Cryptopia.

Other projects took advantage of the announcement around the same time as well, with some issuing tokens under the same name and promoting them through misleading advertisements.

Recently, the Bolivarian Council of Mayors in Venezuela signed a bill called the “National Tax Harmonization Agreement” for 305 municipalities in the country. This bill officially designated the Petro as a means of collecting payments for taxes and sanctions.

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Author: Refer to Source Cointelegraph By Felipe Erazo