Hong Kong businesses have begun implementing cryptocurrencies as a form of protest. The cryptocurrencies accepted include bitcoin, ether and litecoin.
In a report by cointelegraph, Hong Kong businesses have been moving to cryptocurrencies as a mark of protest against the chinese government. The businesses will accept tokens from the bitcoin, ethereum and litecoin networks. The move symbolizes the sentiment of moving away from government control to a more decentralized approach.
The citizens of Hong Kong have been protesting against the moves by China to encroach upon its democratic nature. The city has seen continuous protests for at least a month.
Venezuela using crypto to beat sanctions
The Venezuelan government has released its own cryptocurrency called Petro. The cryptocurrency is based on Oil and other natural resources that abound in the country.
The Venezuelan government has been pushing for a greater use and acceptance of its own cryptocurrency, Petro. President Maduro released the Petro to dodge multiple sanctions imposed by the US because of rising instability and crime in the country. The Venezuelan economy is almost in collapse with many blaming the socialist agenda for the collapse.
The Venezuelan economy has been in disarray because the Maduro government had allegedly printed notes to cover costs. This has led to hyperinflation. The fiat currency has almost no value in the market.
The move to cryptocurrency has been an attempt to move to a better currency. Cryptocurrency grows with the economy and usually does not allow for artificial increases in supply. The Maduro government, however, are looking to use Petro to bypass the sanctions imposed by the US. The main source of income for Venezuela is oil. The government is playing it safe by pegging Petro to oil values.
The Petro was a plan designed by the President of the Republic, Nicolás Maduro, to counter the attacks of imperialism and heal the wounds of war.National Superintendent of Cryptoactives Joselit Ramírez
President Maduro decimated the Venezuelan economy and spurred a humanitarian crisis. Instead of correcting course to avoid further catastrophe, the Maduro regime is attempting to circumvent sanctions through the Petro digital currency — a ploy that Venezuela’s democratically-elected National Assembly has denounced and Treasury has cautioned U.S. persons to avoid.U.S. Treasury Secretary Steven Mnuchin
Telegram to release its own crypto
Telegram will be releasing its own cryptocurrency in the coming months. According to a report by The Verge, Telegram will be releasing a crypto called Gram.
The messaging platform is yet to release any Grams. Last year, they raised 1.7 millions dollars in funding from multiple US ventures. The deal includes a release of Grams by 31st October 2019. If they don’t make the deadline, the company will lose the entire funding.
The Telegram Open Network (TON) platform brings together the world’s most powerful messaging platform with the power of cryptocurrency and blockchain. Telegram users will easily be able to buy, store and transfer value by using decentralized apps that include a user-friendly crypto wallet and advanced identification services. Telegram has a massive, engaged user base that will serve as the pre-existing critical mass to grow TON. The enormous Telegram ecosystem of communities, developers, publishers, payment providers and merchants will drive the demand and use of Gram, the cryptocurrency of the TON platform. TON brings speed and scalability to a multi-blockchain architecture that addresses the need for minimal transaction times and airtight security.