During the conversation, CoinDesk’s Aaron Stanley and Amy Davine Kim, the chief policy officer at The Chamber of Digital Commerce, had an exciting discussion on regulation (seems like an oxymoron). Kim outlined what the rules mean for crypto businesses and users alike as the deadline for compliance nears next month although Kim believes an extension might be issued because of the consequences of the coronavirus pandemic.
Released by the Financial Action Task Force, a powerful intergovernmental organization that focuses on combating money laundering and terrorist financing, these standards were the topic of conversation on the latest episode of CoinDesk Live: Lockdown Edition.
Regulation is a topic that makes many crypto enthusiasts sick to their stomachs, but CoinDesk’s Aaron Stanley and Amy Davine Kim, the chief policy officer at The Chamber of Digital Commerce, take you on a whirlwind journey through a new set of rules governing crypto exchanges created by a powerful intergovernmental organization.
But, really, they’re not voluntary. They’re rules every crypto exchange must follow or suffer the consequences.
Plus, there was some shameless, shameless plugging of our upcoming, completely virtual Consensus: Distributed conference, May 11-15, because the lineup is stacked! While you’ll be able to watch our CoinDesk TV track through Twitter, you’ll definitely want to register through Brella here to catch all our other amazing and interactive tracks, including the workshops track Stanley mentioned during the show.
And there’s one more CoinDesk Live before the big event. Later today, long-time crypto reporter Bailey Reutzel will be speaking with Felipe Duarte, who created a worksheet to help entrepreneurs build DAOs. It’s just like you’re in school again, but this time it’s fun! Go ahead and register for that talk, starting at 4 p.m. ET, here.
Venezuelan Exchange Rolls Out Crypto Debit Card with Petro Support
Two Venezuelan companies have partnered to release a cryptocurrency debit card and point-of-sale (PoS) system.
“Crypto transfer device” supports four currencies
According to a social media release by state-sanctioned exchange CriptoLAGO on Oct. 1, the joint offering with so-called “investment cryptobank” Glufco is already taking orders. Translated part of the announcement states:
“What we were waiting for, our alliance with Glufco, puts us at the forefront.”
The system will provide support for Bitcoin, Ether (ETH), Dash (DASH) and Petro, the Venezuelan government’s state-backed digital currency.
Neither offering, it appears, will feature support for fiat currency, including the country’s troubled Sovereign Bolivar (VES).
Glufco refers to its product as a “cryptocurrency transfer device”, and hints that in future, further cryptocurrencies could receive support automatically.
No diminishing of economic misery
Venezuela continues to battle with rampant inflation and capital controls, leaving citizens with little choice but to use Petro and the VES. Bitcoin trading on P2P platform Localbitcoins has set new records in the recent weeks.
At the same time, late last month, Venezuela’s central bank unveiled a sudden plan to stockpile Bitcoin in the face of wide-ranging international sanctions.
As Cointelegraph reported, the country’s largest bank, Banco de Venezuela, added what appeared to be an experimental cryptocurrency feature to its online banking options last month.