De-Dollarization Accelerates: Iran Unveils Gold-Backed Cryptocurrency

 

Four banks in the Islamic Republic of Iran have developed a gold-backedcryptocurrency called PayMon, financial news website Financial Tribune reported on Jan. 30.

According to the article, the crypto asset has been developed in cooperation with the Parsian Bank, the Bank Pasargad, Bank Melli Iran and Bank Mellat. Iran Fara Bourse, an over-the-counter (OTC) cryptocurrency exchange, will reportedly list the new cryptocurrency. Continue reading

The Biggest Threat To Dollar Dominance

dollars

 

Russian oil exporters are pressuring Western commodity traders to pay for Russian crude in euros and not dollars as Washington prepares more sanctions for the 2014 annexation of Crimea by Moscow, Reuters reported last week, citing as many as seven industry sources.

While it may have come as a surprise to the traders, who, Reuters said, were not too happy about it, the Russian companies’ move was to be expected as the Trump administration pursues a foreign policy where sanctions feature prominently. This approach, however, could undermine the dominance of the U.S. dollar as the global oil trade currency. Continue reading

“What The Hell Is It?” – 74 Cryptocurrency Questions Answered

A great article for those who are still in the dark about cryptocurrencies.

 

The price of bitcoin has rocketed more than 1,700% year-to-date.

 

With the price of the cryptocurrency soaring – and mainstream interest surging – Yahoo Finance recently invited readers to send us their top questions regarding bitcoin and other cryptocurrencies. We condensed questions from nearly 3,500 respondents into the list below, and enlisted a team of Yahoo Finance reporters to answer them, including Daniel Roberts, who’s been covering bitcoin since 2012, and Jared Blikre, our authority on trading. Ethan Wolff-Mann and Julia LaRoche contributed as well. Here’s everything you want to know about bitcoin:

1. What the hell is it? In the most general sense, bitcoin is software that forms a decentralized, peer-to-peer payment system with no central authority like the Federal Reserve or U.S. Treasury. It’s fair to call it a digital currency or cryptocurrency, but at the moment, most investors aren’t really using it as currency to pay for things. Instead, they’re using it as a speculative investment to buy in the hope of turning a profit. Maybe a big profit. (And maybe a big loss). Continue reading

Maduro to Create Venezuelan Cryptocurrency ‘To Overcome the Financial Blockade’

Venezuelan President Nicolas Maduro / Getty Images

 

Venezuelan President Nicolas Maduro wants his own version of Bitcoin, announcing Sunday that his socialist government will create a cryptocurrency.

Maduro said on his television show that the new “petrocurrency” will be backed by reserves in oil, gas, gold, and diamonds, Bloomberg reports. Bitcoin, the world’s largest digital currency, hit new highs last week, and Maduro declared that his plan will counteract the economic disaster that is befalling the Venezuelan bolivar, which has experienced hyperinflation as the country’s economy has collapsed. Continue reading