Venezuela launches oil-backed token
Venezuela is another country choosing to issue a cryptocurrency, as the Venezuelan President has just announced that the country will issue a digital token, called ‘petro’, that will be backed by the country’s oil reserves. Venezuela plans on launching the new tokens in January 2018. Belarus and Estonia are some of the other countries that have decided to use digital tokens in their economy
Ripple’s weak infrastructure poses a problem
Ripple’s market capital increased by around 4,000% in 2017, and its number of transactions have increased at an exponential rate. However, Ripple’s infrastructure is not strong enough to handle the increase in traffic which it is witnessing during the last couple of months. On December 29th, a number of users temporarily lost their XRP coins. They eventually got their tokens back, and it turns out that the tokens had vanished into thin air for some time.
Bitcoin card providers cancel their services without notice
All bitcoin debit card providers, including Bitwala, Bitpay, Wirex, and Tenpay, have halted all operations of their issued debit cards. It is important to understand that Wirex, TenX, and Bitwala are just providers of the debit card services. However, the cards are issued by WaveCrest, with the permission of the global Fintech company, Visa, which decided to to stop the operations of all non-US digital token debit cards.
