Crypto News | Petro Illegal in the U.S.

Judging by the number of times you read about the Venezuelan petro in the news, particularly mainstream media, you’d think that it was the petro, and not Bitcoin, that is the biggest cryptocurrency in the world. Still, the interest surrounding the petro is not fueled so much by its market capitalization and its prominence on the crypto market, as it is by its many controversies and many “firsts” when it comes to digital assets. Yesterday, there was another first. The first time a U.S. President signed an executive order that is devoted to a cryptocurrency. The Trump executive order is basically a prohibition order, making petro illegal for U.S. citizens to buy. The petro has been making billions, and Trump hopes to spoil the party. The move was met with considerable backlash from all sides, with crypto experts worrying that this is just the first step, and that now nothing is stopping the government from banning other coins that it sees as a threat. On social media, users said: “The United States thinks it can continue to bully people with its sanctions! They will only end up adding more enemies!”, “Makes me want to go buy some now.”, “It validates the power of decentralized platforms”, and “Every time a government bans its subjects from engaging in a peaceful activity, it makes any claims of being a free country a little more ridiculous.”

Let’s not forget, the petro went public yesterday, after a month-long closed pre-sale, from Feb. 20 to March 19. As the Trump executive order overshadowed the petro’s public ICO, Venezuelan politicians blasted Trump for his “imperialistic”, “warlike” move and for the U.S. sanctions.

Still, not everything is about Trump making petro illegal. There were some other developments in the world of crypto yesterday and earlier today. The investigation into the attempted Binance hack, which was widely reported, is apparently coming very close to revealing who the hackers were. And the Binance hacker bounty is helping. It has been revealed that the hacking attempt was made by a group, and not an individual. The phishing domains involved in this particular attack have also been identified.

In other news, IBM has developed the smallest computer in the world – and it is for blockchain applications. The computer, which is as small as a grain of salt, will cost less than 10 cents to manufacture. It will work as a kind of anchor or a “digital fingerprint”, offering solutions for various issues including GMOs, food quality, authenticity of product and much more, according to Arvind Krishna, IBM’s chief researcher.

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Author: Max Rothstein

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