Venezuela has begun oil-based crypto-techno 'petro' while taking unconventional steps among efforts to come out of a deep economic crisis. It is the first officially recognized crypto corporation in the world.
Petro received $ 73.5 million buyer in 20 hours
Venezuela's leftist government has introduced petrochemicals worth 3.84 million units for initial sale. Its sales will last till March 19. According to Prime Minister Nicolas Maduro, Petro received $ 73.5 million offer in the first 20 hours of sales. He said that Petro strengthens our independence and economic autonomy. This will help us to avoid the greed of the foreign forces who are trying to keep us in confusion by seizing our oil market. It is worth mentioning that Venezuela has the world's largest oil reserves. However, the country is going through a period of horrific economic and political crisis.
What is crypto currency
This is the linguistic currency. It is purchased through the Internet through id-password. It can not be changed in any currency. Id-password or risk of capital drowning even if hacked. Bikwain is also a crypto currency that is the most popular in the world.
SBI warns on crypto currency
SBI Card, the subsidiary of State Bank of India (SBI), the country's largest bank, alerted consumers on the risks associated with virtual currencies like Bitquine, on Tuesday. In fact, the purchase of crypto currency is done through Net Banking or through Debit Credit Card. In view of this, the SBI card has issued this warning.
Reserve Bank has warned
Regarding the bitcoin and other crypto currency, the Reserve Bank has been keeping investors in the forefront since 2013. The RBI has said that it is not recognized in the country and in this case the investor himself will be responsible for the loss of the money. In December the Income Tax Department in the country had also raided several bitcoin exchanges. Indeed, crypto currency is not recognized in any country in the world. Venezuela is the first country to have official crypto currency released. Israel has also issued a warning about bitcoin a few months ago.
Prison for seven years on purchase in India
The Central Government is preparing for action under the Prevention of Money Laundering Act, which provides for jail for three to seven years. After Finance Minister Arun Jaitley told the Finance Ministry that this was activated in the general budget after the virtual currency was declared illegal. According to the finance ministry, it was not clear before the actual currency like idrium, ripple, bitquine, which was under which action was taken.But by declaring it illegal, the government has given it the theoretical consent of bringing it under the purview of Monetary Law.
Strictly stampede
The cost of BitQquine was nearly close to $ 20,000 last year. But by the announcement of the measures taken by the Finance Minister in the budget, the Finance Minister had come to India for seven thousand dollars. Last year, the Income Tax Department and ED team had also raided several Bitcoin exchanges. The income tax department is also questioning suspect investors about where the money for investing in it comes from.