- Venezuelan President Nicolas Maduro devalues fiat currency by 95% (about five zeroes) and ties Venezuela’s currency to the contentious "oil-backed" cryptocurrency Petro to fight a hyperinflation.
The Venezuelan government decided to peg the value of the petro to the cost of a barrel of oil (about $60).
The U.S. Customs and Border Protection (CBP) has plans to use the blockchain technology to verify North American Free Trade Agreement (NAFTA) and Central American Free Trade Agreement (CAFTA) certificates. A blockchain platform will certify imported goods originate from the country of export and verify that suppliers are "compliant along with their U.S importers". The new system when launched will be available in a mobile app—replacing the currency paper-based process used for verification.
Canadian Government has launched an Ethereum blockchain explorer. The application is similar to a search engine, it allows users to instantly “search the Ethereum blockchain” for “published grants and contribution data” stored on the network.
The Philippines, Thailand, and South Korea are moving towards creating the next crypto valley, after recognizing the success of Malta and Zug, Switzerland in creating crypto and blockchain friendly environments.
Bank of America, the second-largest banking institution in the United States, has filed another patent application for a system that manages cryptocurrency storage in an enterprise environment.
“Enterprises may handle a large number of financial transactions on a daily basis. As technology advances, financial transactions involving cryptocurrency have become more common. For some enterprises, it may be desirable to securely store cryptocurrency.”
Bank of America seems to be seeing significant potential in the cryptocurrency market.
- China has released its August blockchain rankings, created by China Electronic Information Industry Development Research Institute and the China Software Testing Center, featured the contributions of professors and researchers at the country’s most prestigious educational institutions.
The rating pins EOC on top, Ethereum at №2 and Blockchain only at №10.
Have a nice and productive week! See you next Monday!