Apr 29, 2020
Bitcoin-backed synthetic dollars for Venezuela, BTC price in Lebanon exceeds $15.000 and China starts mining campaign
Bitcoin backed synthetic dollars for Venezuela
Colombian start-up Valiu is working on a “new kind of” of US Dollar. This one is backed by Bitcoin. It is called the crypto dollar and it is designed for the Venezuelan market where it can be used for payments and remittances.
These dollars are also called ‘synthetic dollars’. It’s still in Alpha, but Valiu has partnered with Latin America food delivery app Rappi, which could offer a large user base to help with adoption when it’s rolled out in full later this year.
Venezuelans who use this stable assets can bypass the hyperinflation plaguing their national economy by sending their savings to their family across the borders.
Source: Cointelegraph
Bitcoin price in Lebanon exceeds $15.000
Last week, Bitcoin was almost twice as expensive in Lebanon compared to the average mondial markets. The West Asian country is experiencing though economic times, which increases the demand for the “stable” Bitcoin.
The peer-to-peer marketplace LocalBitcoins.com shows that people are selling the cryptocurrency for around 22 million LBP. That equates to approximately $ 15,000.
The value of the Lebanese pound has fallen by nearly 50 percent against the dollar since October 2019.
The big problem is the lack of enough US dollars in the country. Initially, the Lebanese pound was pegged to the value of the dollar, but since the exchange rate can not longer be maintained (due to a shortage of dollars), the Lebanon citizens try to escape to hard and sound money options, like Bitcoin.
Bitcoin mining in China
A Chinese city in the world’s bitcoin mining hub is publicly encouraging the blockchain industry to help consume excessive hydroelectricity ahead of the summer rainy season. The name of this city? Ya’an, located in the Sichuan province.
According to a local daily’s report from April 20, the government seeks to make the city a high-quality example for consuming excessive hydropower electricity and build itself into “an impactful blockchain industry hub” in the country.
In general, China’s Sichuan region has the issue of excessive hydropower electricity being wasted every year during the rainy summer season. With Bitcoin mining, they find their new purpose!
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