News of the week

Iran is Preparing National Cryptocurrency to Avoid US Sanctions

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Talks about Iran releasing a cryptocurrency had surfaced months ago amidst U.S. sanctions. This week local news media Press TV quoted Alireza Daliri, a deputy head in charge of investment affairs, who confirmed country’s plan on the creation of a working digital currency. According to Daliri, Iran’s national cryptocurrency “would facilitate the transfer of money” internationally and would help the country “at the time of sanctions.”

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Huge Wall Street Crypto Firm Lost $134 million on Bitcoin’s Dive

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First financial disclosure of the New York-based Galaxy Digital states a net loss of $103.3 million on trading, with $13.5 million on digital assets and $85.5 million of unrealized losses. However, CEO Michael Novogratz has no worries and believes in the company’s ability to gain. Novogratz launched Galaxy Digital right before bitcoin’s spike near $20,000.

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New Currency of Venezuela Will Be Tied to the Petro

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Venezuela is planning to replace its regular currency, the bolivar, with a new one. President Nicolas Maduro announced that the bills will enter the use next month and will be anchored by national cryptocurrency the Petro, which is backed by the country’s oil and mineral reserves. According to president, this move will help the country to survive the huge inflation and give the Petro technological and financial consolidation.

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TRON Buys BitTorrent

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Cryptocurrency Startup TRON has successfully bought all BitTorrent products. By making this deal the TRON ecosystem became the largest decentralized Internet system in the world. According to TechCrunch the arrangement cost the company $126 million in cash. After the news of acquisition Tron’s Cryptocurrency TRX rose by 12%.

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QIWI Employee Mined 500K Bitcoins Using Company’s Equipment All over Russia

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Rogue programmer of one of the biggest Russian payment services provider QIWI used its payment terminals to mine bitcoins in 2011. During the session at the Moscow Advanced Communications School, Sergey Solonin, CEO, said that developer has managed to mine around 500,000 bitcoins and got away with it. The amount which cost $5 million then could make the owner a big billionaire now. The company found out the spikes in electricity usage of the terminals at night, but the man was fast enough to resign before he can get caught. However, QIWI representatives said that the whole sum of those bitcoins was lost and the crafty employee couldn’t use it.

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